IRS/Tax Issues
IRS Publishes LIHTC Newsletter #52
The Internal Revenue Service (IRS) has released it latest LIHC Newsletter, which provides a forum for information about Section 42, the Low-Income Housing Tax Credit (LIHTC), and communicates technical knowledge and skills, guidance, and assistance for developing LIHTC properties.
IRS Invites Comments on LIHTC Utility Allowance Regulations
The Department of Treasury’s Internal Revenue Service (IRS) recently invited public comments on carryover allocation documents, election statements, and binding agreements related to Low-Income Housing Tax Credit (LIHTC) and Section 42 utility allowance regulations.
IRS Updates 2013-14 Priority Plan; Historic Credit, LIHTC, NMTC and Energy Credit Items Included
The U.S. Department of Treasury’s updated 2013-2014 Priority Guidance Plan contains 324 projects that are priorities for allocation of the resources of its offices during the plan year which runs from July 2013 through June 2014.
NH&RA 2013 Summer Institute: Conference Materials Now Available!
NH&RA was please to welcome over 100 participants at the 2013 Summer Institute. All conference materials, Power Point presentations, relevant articles, reports, memos, etc. are available for download.
UPDATE: IRS Extends Suspension of LIHTC Requirements for Those Affected by Oklahoma Tornadoes
The Internal Revenue Service (IRS) recently issued Notice 2013-40 and 2013-39 to suspend certain low-income housing tax credit (LIHTC) and tax exempt facility bond rules in order to allow owners of low-income housing to provide temporary shelter to non-low-income victims of the May 2013 Oklahoma tornadoes.
Congress Members Urge IRS to Issue Guidance on HTC Partnerships
On May 22, 28 members of Congress sent a letter to Treasury Secretary Jack Lew urging the Internal Revenue Service (IRS) to support expedited guidance regarding the criteria a partnership must meet in order to be able to participate in the federal historic rehabilitation tax credit (HTC) program.
CDFI Fund Updates NMTC Small Business Guidance
The Community Development Financial Institutions Fund has released additional guidance regarding Treasury Decision (TD) 9600 issued by the Internal Revenue Service on September 28, 2012. The TD 9600 Frequently Asked Questions (FAQ) document covers programmatic and reporting changes to the New Markets Tax Credit Program regarding small business investments necessitated by the revised regulations. The guidance addresses the following questions…
UPDATE: Historic Boardwalk Hall Case: Petition for Writ of Certiorari Denied by Supreme Court
The taxpayer in the Historic Boardwalk Hall (HBH) vs. Commissioner case recently filed a petition for a Writ of Certiorari in the U.S. Supreme Court seeking reversal in the U.S. Third Circuit Court’s opinion.
Senate Finance Committee Releases Tax Reform Option Report, LIHTC, NMTC and HTC Options Included
The Senate Finance Committee has released a tax reform option paper about economic and community development provisions. The document is the sixth in a series of papers compiling tax reform options that Finance Committee members may wish to consider as they work towards reforming our nation’s tax system.
IRS, Treasury to Issue Guidance on Historic Credit Safe Harbor
The Internal Revenue Service and Treasury Department recently announced that it will soon issue a safe harbor revenue procedure for historic rehabilitation tax credit (HTC) transactions.
House Ways and Means Committee Holds Hearing on Residential Real Estate Tax Provisions
The House Ways & Means Committee recently held a hearing on federal tax provisions that affect residential real estate, including the low-income housing tax credit (LIHTC).
IRS Issues Guidance on Beginning of Construction for Eligible ITC/PTC Projects
The Internal Revenue Service (IRS) yesterday released Notice 2012-39 to provide guidelines and a safe harbor to determine when construction has begun on a facility eligible to receive the renewable electricity production tax credit (PTC) or the energy investment tax credit (ITC).