Federal / Agency News
NH&RA Spring Developers Forum: Early Registration Ends Soon
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!
Senate Finance Committee to Hold Hearing on Tax Reform
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.
IRS Issues Guidance on Energy Efficient Deductions for Commercial Buildings
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.
Senators Introduce Bill to Extend Renewable Energy Tax Credits
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.
IRS Issues Notice of Public Hearing Regarding Passive Loss Rules
The IRS issued a notice in the Federal Register that it will hold a hearing on a proposed rule regarding the definition of an “interest in a limited partnership as a limited partner” for purposes of determining whether a taxpayer materially participates in an activity under Section 469 of the Internal Revenue Code.
Senate Rejects NMTC and Renewable Energy Amendments to Transportation Bill
On March 13, the United States Senate voted on several remaining amendments to the Moving Ahead for Progress in the 21st Century, or the MAP-21 Act (S. 1813).
IRS Provides Guidance on Energy-Related Tax Issues
The IRS recently released Notice 2012-23 to provide guidance on tax-related issues involving cash payments for specified energy property in lieu of tax credits under Section 1603 of the American Recovery and Reinvestment Tax Act of 2009 (ARRTA).
Senate Votes on Amendment that Includes One Year NMTC Extension
The United States Senate adopted an amendment by unanimous consent to the Moving Ahead for Progress in the 21st Century Act or MAP-21 Act (S. 1813) that would provide a one year extension to the New Markets Tax Credit (NMTC) program.
IRS Issues Guidance on Energy Efficiency Deductions for Commercial Buildings
The Internal Revenue Service (IRS) has released Notice 2012-22 to provide updates on Notice 2008-40 and Notice 2006-52, both of which relate to guidance on deductions for energy efficient commercial buildings.
Congress Approves Payroll Tax Cut Extension Agreement
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.
Administration Tax Reform Plan Calls for Making Energy Credit Permanent
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.
Study Finds Very Low Recapture Rate for Historic Tax Credit
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.