Federal / Agency News

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

The Internal Revenue Service (IRS) recently released private letter rulings (PLRs) concerning historic tax credit (HTC) regulations. In PLR 201228015 and PLR 201228016, the IRS found that separate buildings rehabilitated under a common plan can be considered one project for HTC purposes. In another recently released PLR, PLR 2012228019, the IRS granted an extension to the amount of time the taxpayer has to make the election in which the tenant is treated as having purchased the property.

Congress recently reauthorized federal surface transportation programs in the Moving Ahead for Progress in the 21st Century (MAP-21) legislation (H.R.4348). In addition to other transportation-related funding, the now Public Law (PL) No: 112-141 also includes funding for a new transit-oriented development (TOD) pilot program to provide grant funding for TOD-related activities.

U.S. Representative Earl Blumenauer (D-OR) recently introduced the Wind Powering American Jobs Act (HR 6031) which would extend the production tax credit for wind energy through 2013. The bill would also extend the option for wind project developers to choose a 30 percent investment tax credit until 2014.

PowerPoint presentations and conference materials from our 2012 Spring Developers Forum are available for download.

Representative McKinley (R-WV) on June 8 introduced the “Preserving America’s Downtowns and Heritage Act of 2012″ (HR 5930) which would amend Section 47(a) of the Internal Revenue Code of 1986 to boost rates for the historic rehabilitation tax credit (HTC) and the non-historic rehab tax credits.

Rep. Dave Camp (R-MI), Chairman of the House Ways & Means Committee, announced last week that the Select Revenue Subcommittee will hold an additional hearing on tax extenders legislation in early June.

Representative Ed Towns (D-NY) recently introduced legislation (HR 5718) in the U.S. House of Representatives to amend Section 45D of the Internal Revenue Code of 1986 to revise the New Markets Tax Credit (NMTC) Program and the rules related to population census tracts with low-income populations.

The House Ways and Means Select Revenue Subcommittee recently held a hearing on tax extenders in which a few members specifically expressed support for the New Markets Tax Credit (NMTC) and Wind Production Tax Credit programs.

Join NH&RA May 21-22 for our 2012 Spring Developers Forum at the Ritz-Carlton Marina del Rey in California. Register by this Friday, April 27 to save up to $100 off your conference registration fee!

The United States Senate Committee on Finance will hold a hearing entitled “Tax Reform: What It Means for State and Local Tax and Fiscal Policy” on Wednesday, April 25, 2012 at 10:00 am in the Dirksen Building.

The Internal Revenue Service (IRS) has released Notice 2012-26 to modify Notice 2008-40 and Notice 2006-52, both of which relate to guidance on deductions for energy efficient commercial buildings.

Senator Chuck Grassley (R-IA), along with a bi-partisan group of U.S. Senators, introduced the American Energy and Job Promotion Act (S. 2201) which would amend the Internal Revenue Code of 1986 to extend the wind energy production tax credit (PTC) for two years.