IRS/Tax Issues

NH&RA is pleased to offer the Power Point presentations, relevant articles, reports, memos, etc. from our recent 2012 Summer Institute and New Markets Tax Credit Symposium, which was held July 25-28, 2012 at the Harbor View Hotel on Martha’s Vineyard in Massachusetts.

The Internal Revenue Service (IRS) recently released private letter rulings (PLRs) concerning historic tax credit (HTC) regulations. In PLR 201228015 and PLR 201228016, the IRS found that separate buildings rehabilitated under a common plan can be considered one project for HTC purposes. In another recently released PLR, PLR 2012228019, the IRS granted an extension to the amount of time the taxpayer has to make the election in which the tenant is treated as having purchased the property.

PowerPoint presentations and conference materials from our 2012 Spring Developers Forum are available for download.

The IRS published a notice in the Federal Register soliciting comments regarding arbitrage restrictions on tax-exempt bonds.

The Federal Housing Finance Agency (FHFA) has released a draft version of its Strategic Plan: Fiscal Years 2013-2017.

The Internal Revenue Service (IRS) has issued final regulations that provide guidance concerning LIHTC owners’ requests to housing credit agencies to obtain a qualified contract for the acquisition of a LIHTC building.

The Internal Revenue Service (IRS) released Revenue Procedure 2012-27 to inform taxpayers of how to notify the Internal Revenue Service of any increase in tax resulting from a reduction in the qualified basis of a LIHTC building in order to begin the 3-year statutory period for assessing a deficiency.

The Internal Revenue Service released a notice in the Federal Register announcing that it is extending the comment period for previously issued Notice 2012″“7.

The Obama Administration released its FY 2013 budget on February 13, 2012, proposing spending levels for federal departments, agencies, and programs for the fiscal year that begins October 1, 2012. Click here for background on the federal budget process.

The Internal Revenue Service (IRS) has released Notice 2012-26 to modify Notice 2008-40 and Notice 2006-52, both of which relate to guidance on deductions for energy efficient commercial buildings.

The Government Accountability Office (GAO) recently released a report that identifies several tax expenditure programs that contribute to community development, several of which overlap with at least one other tax expenditure program in terms of the areas or activities funded.

The Internal Revenue Service (IRS) has issued its 2012 population figures to be used in calculating state housing credit ceilings, volume caps and volume limits in 2012.