Federal / Agency News

ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.

On February 17, the House of Representatives and the Senate both passed H.R. 3630, which will provide an extension of the payroll tax holiday, unemployment benefits and restored Medicare reimbursement rate provisions. Noticeably absent from the deal is an extension to the New Markets Tax Credit tax provisions, which expired in December 2011.

U.S. Treasury Secretary Timothy Geithner on February 22 released the Obama Administration’s framework for corporate tax reform. Among other things, it calls for making the renewable energy production tax credit permanent and refundable.

A new report released by the National Trust for Historic Preservation has found a very low rate of recapture of federal historic rehabilitation tax credits claimed over the past 10 years in historic rehab transactions.

Senators John Rockefeller (D-WV), Olympia Snowe (R-ME), and Robert Menendez (D-NJ) released a proposed amendment to Senate Finance Committee Chairman Max Baucus’ (D-MT) proposed mark of the Highway Investment, Job Creation and Economic Growth Act of 2012. The amendment seeks to extend the New Markets Tax Credit (NMTC) for one year through December 31, 2012 at a level of $5,000,000,000.

On February 2, U.S. Senators Jim DeMint (R-SC) and Mike Lee (R-UT) introduced S. 2064, the Energy Freedom and Economic Prosperity Act (EFEPA), which would repeal all energy specific tax credits.

A new report from the Government Accountability Office (GAO) indicates that the number of homeless women veterans has more than doubled, from 1,380 in fiscal year 2006 to 3,328 in fiscal year 2010.

The law firm of Miller & Chevalier filed an amicus brief on December 21, 2011 to the Third Circuit of the United States Court of Appeals on behalf of the National Trust for Historic Preservation and other organizations in the IRS appeal of Historic Boardwalk Hall, LLC v. Commissioner.

The IRS issued Notice 2012-3 to provide guidance on current refunding issues for outstanding prior bond issues that qualify for tax-exempt bond financing under disaster relief bond programs including Gulf Opportunity Zone Bonds (GO Zone Bonds), qualified Midwestern disaster area bonds and Hurricane Ike disaster area bonds under the Heartland Disaster Act.

The New Jersey Sports and Exposition Authority has filed an appellee brief with the United States Court of Appeals for the Third Circuit in the Historic Boardwalk Hall LLC v. Commissioner of Internal Revenue case.

U.S. Representatives Marcia L. Fudge, Marcy Kaptur, Dennis Kucinich, Tim Ryan, Betty Sutton, and Richard Neal recently highlighted the benefits of the New Markets Tax Credit (NMTC) program and urged Congress to extend the program.

The U.S. Department of the Treasury yesterday updated its frequently asked questions regarding the beginning of construction for projects seeking payments through the Section 1603 program.

The Internal Revenue Service has finalized regulations relating to how an entity can qualify as a qualified active low-income community business (QALICB) under the New Markets Tax Credit (NMTC) program.