IRS Provides Guidance on Energy-Related Tax Issues
The IRS recently released Notice 2012-23 to provide guidance on tax-related issues involving cash payments for specified energy property in lieu of tax credits under Section 1603 of the American Recovery and Reinvestment Tax Act of 2009 (ARRTA). The purpose of Section 1603 is to reimburse eligible applicants for a portion of the expense of such property.
Section 1603 of ARRTA directs the Secretary of the Treasury to provide Section 1603 cash payments to qualified applicants that place in service specified energy property. Treasury will make Section 1603 payments to eligible applicants in an amount equal to 10 percent or 30 percent of the basis of the specified property. Eligible properties include property used in a trade or business or those held for the production of income.
Click here to read IRS Notice 2012-23.
Obama's FY 2015 Budget Requests $46.7 Billion for HUD Programs
On March 4, President Barack Obama introduced his fiscal year (FY) 2015 budget, requesting a total of $46.7 billion for Department of Housing and Urban Development (HUD) programs, as well as significant policy proposals aimed at improving the Low-Income Housing Tax Credit (LIHTC) program and a proposal to modify and permanently extend the New Markets Tax Credit.