Federal / Agency News

NH&RA thanks Harold Berk for the following update on a recent Fourth Circuit Court decision impacting state tax credit structures.

U.S. Senator Debbie Stabenow (D-MI) recently introduced an amendment to S. 493 that would extend the Section 48C Advanced Energy Manufacturing Tax Credit program.

Novogradac & Company is reporting that the U.S. Court of Appeals for the Fourth Circuit today published an opinion in the case of Virginia Historic Tax Credit Fund v. Commissioner of Internal Revenue that reverses the December 2009 U.S. Tax Court opinion.

President Obama last week signed into law the sixth continuing resolution (H.J. Res. 48) for the fiscal year 2011 federal budget.

Last week, Senate and House Committees took up discussions about proposals to reform the nation’s housing finance system.

Congressman Brian Higgins recently sent a letter to the National Park Service encouraging the service to review its interpretations of the Secretary Standards for Historic Rehabilitation.

NH&RA had perfect weather for this year’s Winter Golf Tournament at the Raptor Bay Golf Club last week in Bonita Springs, Fla. NH&RA congratulates the following prize winners.

The IRS Office of the Chief Counsel has issued a new memorandum (#201106008) addressing the taxability of Tax Credit Assistance Program (TCAP) grants.

The National Housing Conference (NHC) and its research affiliate, the Center for Housing Policy recently announced the release of two reports that identify specific regulatory and administrative changes the U.S. Department of Housing and Urban Development (HUD) could adopt to improve access to mainstream supportive services by residents of subsidized housing and facilitate and encourage the development and preservation of affordable and workforce housing in location-efficient areas.

The U.S. House of Representatives’ Ways and Means Committee Chairman, Rep. Dave Camp (R-MI) recently announced that the committee will hold the first of several hearings on fundamental tax reform this Thursday,

The National Commission on Fiscal Responsibility and Reform has released a draft proposal to reduce the federal debt and overhaul the tax code.

The Senate and House of Representatives have adjourned sine die and will convene for the 112th Congress on Jan. 5, 2011.