IRS/Tax Issues

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

The IRS has issued a new notice (Notice 2011-63) that provides supplemental guidance on the determination of when State and local bonds are considered “issued” for purposes of volume cap limitations on private activity bonds and other bond volume caps and limitations under Federal law.

NH&RA is pleased to offer .PDF versions of the PowerPoint slides presented at the 2011 Summer Institute & New Markets Tax Credit Symposium.

The Internal Revenue Service has issued a directive to provide guidance to IRS examiners and their managers on how to determine when, during an examination, it is appropriate to seek the approval of the Director of Field Operations in order to raise the economic substance doctrine.

The Pew Charitable Trusts recently released a study regarding the costs and benefits of current housing-related tax expenditures.

The Internal Revenue Service is inviting public comments by September 19 on an existing regulation on arbitrage restrictions on tax-exempt bond and associated recordkeeping requirements for issuers.

The IRS has issued an administrative notice (Notice 2011-47) that suspends certain requirements under section 42 of the Internal Revenue Code for certain low-income housing credit properties in the United States as a result of the devastation caused by severe storms, tornadoes, and flooding in Missouri beginning on April 19, 2011.

Please join us July 21-24 at the Harbor View Hotel on Martha’s Vineyard for three days of thought provoking sessions, invaluable networking and relaxation. We will also be hosting our Summer New Markets Tax Credit Symposium immediately prior to the Summer Institute on Wednesday, July 20.

The IRS has issued a notice of proposed rulemaking and an advance notice of rulemaking for the federal new markets tax credit program, proposing some changes to the program’s rules and soliciting public comments on these and on a series of questions.

NH&RA is pleased to offer the PowerPoint presentations given during the recent 2011 Spring Developers Forum, May 23-24 in Dana Point, CA.

NH&RA is pleased to make available the slides presented at the recent 2011 NCAHMA Spring Affordable Housing Policy & Underwriting Forum, April 27-28 in Washington, DC. Slides will be available to the public for a limited time only, and then only available to NH&RA members.

NH&RA is pleased to announce our Winter, Spring & Summer Calendar. Events including our Winter New Markets Tax Credit Symposium, 2011 Annual Meeting, Spring Policy & Underwriting Forum, Spring Developers Forum, Summer Institute and Summer New Markets Tax Credit Symposium.

NH&RA thanks Harold Berk for the following update on a recent Fourth Circuit Court decision impacting state tax credit structures.