Federal / Agency News Category Archives

Chairman Brady Introduces New Year-End Tax Bill

House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced a new year-end tax relief package. The bill includes the same provision in his original bill that clarifies that veterans are a specified group for preferences within the Low Income Housing Tax Credit (LIHTC) program and extends the LIHTC public use provisions from nine percent allocations to also include four percent bond allocations.

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Rural Broadband Access Loans and Loan Guarantees Program

The U.S. Department of the Agriculture though the Rural Utilities Service is accepting applications for the Rural Broadband Access Loans and Loan Guarantees Program. Loans will be made available for the construction, improvement, and acquisition of facilities and equipment that will provide service at the Broadband Lending Speed in eligible rural areas with loans ranging from $100,000 to $25 million.

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Bipartisan Group of Senators Introduces Bill to Expand Opportunity Zones

On November 15, Sens. Richard Burr (R-NC), Dianne Feinstein (D-CA), Lindsay Graham (R-SC), Kamala Harris (D-CA), Bill Nelson (D-FL), Marco Rubio (R-FL), and Thom Tillis (R-NC) introduced the “Hurricanes Florence and Michael and California Wildfire Tax Relief Act” (S. 3648). The bill, in addition to providing tax relief for victims of the natural disasters like an employment credit and tax-favored withdrawals from retirement plans, would designate all of the applicable disaster zones as an Opportunity Zones.

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Treasury Releases Priority Guidance Plan

The U.S. Department of the Treasury released its 2018-2019 Priority Guidance Plan.  Part one covers implementation of the Tax Cuts and Jobs Act of 2017. Notably, the first item in this section is issuing regulations for LIHTC income averaging. The plan also includes issuing regulations for utility allowances under the LIHTC, clarification and revision of certain NMTC rules and a revenue procedure concerning the use of the HTC in disaster relief.

Shutdown Countdown

Funding for the federal government was scheduled to run out on Friday, Dec. 7. On Thursday, Dec. 6 Congress passed a short term continuing resolution that funds the remaining seven appropriations subcommittee bills through Dec. 21. President Trump signed the bill on Friday, Dec. 7.

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