Indiana
Indiana State Senate Approves NMTC Program
Indiana State Senators Randall Head (R-District 18) and John Broden (D-District 10) recently introduced and co-sponsored the Indiana New Markets Job Act, (SB 521), which would create a state New Markets Tax Credit (NMTC) program similar to the federal NMTC.
IHCDA Names New Executive Director
The Indiana Housing & Community Development Authority (IHCDA) has announced Jacob Sipe as its new executive director, effective as of January 14, 2013.
IRS Sets State Tax Credit Ceilings for 2013
The Internal Revenue Service (IRS) announced in Revenue Procedure 2012-41 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2013.
Indiana to Host 2013 QAP Forum
On September 5, 2012 the Indiana Housing and Community Development Authority will host its 2013 QAP Forum in Indianapolis.
IHCDA Executive Director Leaving the Agency
Indiana Lieutenant Governor Becky Skillman recently announced that Sherry Seiwert is departing the Indiana Housing and Community Development Authority (IHCDA) to become President of Indianapolis Downtown, Inc.
Indiana Issues Clarification on IDA Tax Credit vs. IDA Program
The Indiana Housing and Community Development Authority (IHCDA) recently announced the availability of $100,000 in Individual Development Account (IDA) tax credits for purchase by individuals or companies and subsequently issued clarifications about the difference between Individual Development Account (IDA) tax credits and the IDA program in general.
Indiana and Kentucky Allowing LIHTC Owners to Provide Temporary Housing to Storm Victims
In accordance with IRS Revenue Procedure 2007-54, the Indiana Housing and Community Development Authority (IHCDA) and the Kentucky Housing Corporation (KHC) have permitted owners of Section 42 LIHTC properties to provide temporary emergency housing to individuals affected by the recent floods and tornadoes.
Indiana House Approves Historic Credit Bill
Indiana’s House of Representatives recently approved and sent the Senate a bill to revise the state’s historic tax credit program, which currently provides a credit equal to 20% of qualified rehab expenses.
Indiana Adopts Tax Credit Property Legislation
On February 1, the Indiana State Senate adopted Senate Bill 344, which requires county assessors to include the value of the federal low-income housing tax credit (LIHTC) in the assessed value of tax credit properties.
Indiana Introduces LIHTC Property Tax and State Tax Credit Legislation
Indiana State Senator Brandt Hershman (R) has introduced Senate Bill 344, which would repeal of the prohibition against using the value of federal income tax credits awarded under Section 42 for the purpose of determining assessed value.
Indiana Proposes NMTC Program
Indiana State Reps. Suzanne Crouch (R) and Peggy Welch (D) last week introduced H.B. 1248 to create the New Markets Job Growth Tax Credit. The program would provide a state tax credit equal to 39 percent of the purchase price of a qualified investment, which the bill limits to $10 million per transaction.
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.