Federal / Agency News

Tax Credit Advisor ““ November 2010 ““ For the new markets tax credit (NMTC) industry, all eyes are on Washington, wondering whether or when Congress will enact legislation to reauthorize the program, which lapsed on December 31, 2009.

The U.S. Department of Housing and Urban Development has released a proposed rule that submits regulations for governing the Housing Trust Fund, established by HERA in 2008 to provide grants to State governments to increase and preserve the supply of rental housing for extremely low- and very low-income families.

Senate Energy and Natural Resources Committee Chairman Jeff Bingaman (D-NM) and Small Business and Entrepreneurship Committee Ranking Member Olympia J. Snowe (R-ME) recently introduced the Advanced Energy Tax Incentives Act of 2010 (S. 3935).

Before recessing to campaign, Congress approved and President Obama signed a continuing resolution to fund the federal government temporarily, through December 3.

House Financial Services Committee will hold a hearing on September 23 titled “Perspectives on the Livable Communities Act of 2010.”

The Internal Revenue Service has issued a new notice (Notice 2010-62) that provides interim guidance regarding a provision of the 2010 health care reform law that codified the economic substance doctrine and related amendments to various penalties.

The U.S. Senate failed to clear a critical procedural hurdle on a new compromise version of HR 4213, the American Jobs and Closing Tax Loopholes Act of 2010 (Tax Extenders Legislation) on June 24. It is unclear when the measure will be taken up again. The current version of the measure includes a number of key tax credit provisions…

The law firm Goulston & Storrs LLP recently issued an advisory entitled “A Real Estate Developer’s Guide to Carried Interest Legislation.”

HUD’s Federal Housing Administration has issued regulations for its multifamily mortgage insurance program relating to a provision in Title VIII of the Housing and Economic Recovery Act of 2008 that prohibits a requirement that tax credit sales proceeds be placed into escrow, at the time of initial endorsement, for assurance of project completion and to pay the initial service charge, carrying charges, and legal and organizational expenses incident to the construction of the project.

Last week, the Chairman of the House Ways and Means Committee, Rep. Sander M. Levin (D-Mich.) announced the introduction of the Investing in American Jobs and Closing Tax Loopholes Act of 2010 (H.R. 5893).

The United State’s Senate has issued a substitute amendment for HR 4213, “American Jobs and Closing Tax Loopholes Act of 2010.”Â The Senate is currently scheduled to debate HR 4213 this week. Most of the housing related provisions from the House version remain unchanged, with the exception of a change to the taxation of carried interest provisions. Major features of the amendment include…

National Housing & Rehabilitation Association is pleased to announce that it has released all PowerPoint slide presentations from the 2010 Summer Institute & Pre-Conference Symposium on New Markets Tax Credits.