Federal / Agency News

U.S. Senator Maria Cantwell (D-Wash.) recently introduced legislation (S. 3326, bill text not available at press time) that would extend for one-year the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program and expand the program to include 4 percent LITHCs. The “Job Creation and Affordable Housing Act” would also allow a 5-year carryback of the LIHTC.

Today (Friday, May 28) the U.S. House of Representatives passed H.R. 4213, the American Jobs and Closing Tax Loopholes Act (Tax Extenders Legislation). The legislation contains several provisions of note for affordable housing and tax credit developers…

The IRS has issued two new significant revenue rulings impact New Markets Tax Credits impacting passive activity losses.

The U.S. House Ways and Means Committee last week released additional documents related to the American Jobs and Closing Tax Loopholes Act (H.R. 4213), better known as the tax extenders bill.

The Internal Revenue Service (IRS) recently published a guide for the New Markets Tax Credit (NMTC) program.

Last week, the National Housing & Rehabilitation Association welcomed over 120 industry professionals to Washington, DC for its 2010 Spring Affordable Housing Policy Forum. The highly praised program explored the critical nexus between today’s changing public policy environment and affordable housing development, as well as combined NH&RA’s traditional transaction-oriented sessions with valuable social networking opportunities.

The legislative text the American Jobs and Closing Tax Loopholes Act (H.R. 4213) was released last week by the U.S. House of Representatives as an amended version of an earlier version of the bill, in response to the companion legislation, passed by the Senate on March 10.

Over the past several days NH&RA has met with several key House and Senate staffers on the tax writing, banking/financial services and appropriations committees to discuss critical legislation impacting affordable housing, historic rehabilitation and New Markets Tax Credit development.

U.S. Senators Sherrod Brown (D-OH), Charles Schumer (D-NY), Jeff Merkley (D-OR), Robert Casey (D-PA) and Kay Hagan (D-NC) recently introduced a bill (S.3324) to expand and improve the Advanced Energy Manufacturing Tax Credit (48C) program.

HUD’s Office of Policy Development and Research (PD&R) has posted three sets of working papers “” Economic Development and Public Finance, Housing Finance, and Program Monitoring and Research “” on HUD USER’s website. These scientific and technical papers were written by PD&R staff as a means of sharing information, eliciting feedback, and sparking further discussion.

The IRS has issued a notice that addresses the new Federal refundable tax credit subsidy option for certain qualified tax credit bonds and Build America Bonds under the Hiring Incentives to Restore Employment Act (the “HIRE Act”).

On March 24 the U.S. House of Representatives passed a $16.8 billion package of tax incentives (HR 4849) for state and local governments and small businesses, the second measure in the Democrats’ “jobs agenda” to pass the chamber this month. The measure passed on a largely partisan 246-178 vote. Key provisions include:…