Federal / Agency News
Senators Introduce NMTC Extension Amendment to Senate Bill
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.
Proposed Bill Would Repeal All Energy Tax Credits
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.
New GAO Report Released on Homeless Women Veterans
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.
Amicus Brief Filed in Historic Boardwalk Hall Case
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.
IRS Issues Notice on Refunding Disaster Relief Bonds
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.
Appellee Brief Filed in Historic Boardwalk Hall Tax Credit Case
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.
NMTC Program Touted by U.S. Representatives
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.
Treasury Releases Updated Q&A on 1603 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.
IRS Finalizes Targeted Population Regulations for New Markets Tax Credit 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.
IRS Announces Updated Conservation Easement Audit Technique Guide
The Internal Revenue Service (IRS) recently announced the release of the updated Conservation Easement Audit Technique Guide (ATG).
Proposed Bill Would Use Historic Credits for Schools
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.
Proposed Bill Would Extend NMTC Through 2016
U.S. Representative Brian Higgins (D-NY) last week introduced H.R. 3224 to extend the New Markets Tax Credit (NMTC) program through 2016.