Federal / Agency News

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

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.

The Internal Revenue Service (IRS) recently announced the release of the updated Conservation Easement Audit Technique Guide (ATG).

Senators Jim Webb (D-VA) and Mark Warner (D-VA) today introduced “The Rehabilitation of Historic Schools Act of 2011,” which provides a tax credit for communities to partner with private sector developers to rehabilitate the nation’s older school buildings.

U.S. Representative Brian Higgins (D-NY) last week introduced H.R. 3224 to extend the New Markets Tax Credit (NMTC) program through 2016.

A recent Associate Chief Counsel Memorandum (2011-004) discusses the federal income tax treatment of the receipt of excessive payments under Section 1603 of the American Recovery & Reinvestment Act (ARRA).

PowerPoint presentations from the Affordable Housing Underwriting Forum & NCAHMA Annual Meeting are now available for download.

Sen. Ben Cardin (D-MD) has introduced S. 1575, the Energy-Efficient Cool Roof Jobs Act. The legislation provides economic incentives to upgrade and modernize commercial roofs by reducing the depreciation schedule for commercial roof retrofits.

Last week, U.S. Senator Maria Cantwell (D-WA) sent a letter to Senate Majority Leader Harry Reid (D-NV) and Senate Minority Leader Mitch McConnell (R-KY) urging them to extend the New Markets Tax Credit (NMTC) Program and called for its inclusion in a Congressional jobs strategy.