IRS/Tax Issues

NH&RA News

NH&RA Hosts ICAST IRA & BIL Instant Benefit Estimate Calculator

ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.


IRS Increases 2024 LIHTC and PAB Per Capita Rates, Minimums

In Revenue Procedure 2023-2024 the Internal Revenue Service (IRS) increased the 2024 nine percent LIHTC ceiling to the greater of $2.90 multiplied by the state population or $3,360,000.


IRS Allocates more than $3.2 Million in Unused LIHTCs to 28 States

In Revenue Procedure 2023-32, the Internal Revenue Service (IRS) allocate more than $3.2 million in unused Federal LIHTCs to 28 states – ranging from $450,249 for Texas to $9,702 for Vermont.


Treasury Department and IRS Issue Proposed Regulations for Clean Energy Projects

The Treasury Department and Internal Revenue Service issued proposed regulations related to the increased tax credit or deduction amounts for clean energy facilities and projects, if taxpayers satisfy certain prevailing wage and registered apprenticeship (PWA) requirements.


IRS Publishing Final Regulations, Application Process for ‘Adder’ ITCs for Solar, Wind at Low-Income Communities, Federally Subsidized Residential Buildings

The Internal Revenue Service (IRS) published final regulations for the “adder” investment tax credit (ITC) percentages for solar or wind facilities built in low-income communities or in connection with federally subsidized residential buildings.


IRS, DOE Release Additional Guidance on IRA Provisions, Including Low-Income Community ITC Bonus

The Internal Revenue Service (IRS) and the Department of Energy (DOE) released a proposed rule on Additional Guidance on Low-Income Communities Bonus Credit Program and Notice 2023-44 – Additional Guidance for the Qualifying Advanced Energy Project Credit Allocation Program.


IRS Guidance Releases Energy Community Bonus Credit Amounts Under the Inflation Reduction Act of 2022

The Internal Revenue Service (IRS) released Notice 2023-29, describing what constitutes an energy community for the ten percent bonus credit for production (PTC) and investment tax credits (ITC) under the Inflation Reduction Act (IRA).


IRS Publishes 2023 Population Figures to Calculate LIHTC, PAB

In Notice 2023-22, the Internal Revenue Service (IRS) published the 2023 resident population figures, which are used to calculate the population-based component of LIHTCs and Private Activity Bonds (PABs).


IRS Publishes Initial Guidance on Energy Projects for Low-Income Communities and Energy Project Credits from Inflation Reduction Act

Earlier this week, the Internal Revenue Service (IRS) released Notice 2023-17: Initial Guidance Establishing Program to Allocate Environmental Justice Solar and Wind Capacity Limitation Under Section 48(e) and Notice 2023-18: Initial Guidance Establishing Qualifying Advanced Energy Project Credit Allocation Program Under Section 48C(e).


IRS Sets 2023 PAB, LIHTC Per-Capita Multiplier and Small-State Minimums; Allocates $5.4 Million to Unused Pool

IRS Revenue Procedure 2022-38 sets the per-capita multiplier for nine percent LIHTCs ($2.75) and the small state minimum ($3,185,000), as well as the private bond multiplier ($120) and the small state minimum ($358,845,000).


IRS Extends Placed-in-Service, Other LIHTC Deadlines

The IRS also issued Notice 2022-52, which extends placed-in-service (PIS) deadlines by one year for allocations starting in 2019.


IRS Issues Average Income Test Final Regulations

The Internal Revenue Service (IRS) and the U.S. Department of the Treasury issued new final regulations on the average income test (AIT).


Bipartisan Group of Lawmakers Call for Expedited Final Rule on Income Averaging

Last week, a bipartisan group of lawmakers sent a letter to the Department of Treasury and Internal Revenue Service urging the expedited release of a final rule on income averaging under the LIHTC program.

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