IRS/Tax Issues
New York Tax Law Would Extend Property Tax Exemptions
A New York law allows municipalities outside of certain counties to adopt a new real property tax exemption for the construction or substantial rehabilitation of multiple dwellings.
IRS Suspends LIHTC Requirements for Pennsylvania Storm Victims
The Internal Revenue Service (IRS) has issued Notice 2011-83 to announce the suspension of certain requirements for low-income housing tax credit projects in order to provide emergency housing relief to individuals affected by Hurricane Irene and/or Tropical Storm Lee in Pennsylvania.
IRS Office of Chief Counsel Memo Addresses Excessive 1603 Payments
A recent Associate Chief Counsel Memorandum (2011-004) discusses the federal income tax treatment of the receipt of excessive payments under Section 1603 of the American Recovery & Reinvestment Act (ARRA).
IRS Suspends LIHTC Requirements for Vermont Storm Victims
The Internal Revenue Service (IRS) today issued Notice 2011-74 to grant certain low-income housing tax credit (LIHTC) properties relief from specified Section 42 requirements to provide emergency housing relief needed as a result of the devastation caused by Tropical Storm Irene in Vermont beginning on August 27, 2011.
IRS Issues Notice State and Local Bonds Volume Cap and Timing of Issuing Bonds
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 Summer Institute PowerPoint Presentations
NH&RA is pleased to offer .PDF versions of the PowerPoint slides presented at the 2011 Summer Institute & New Markets Tax Credit Symposium.
IRS Issues Guidance to Examiners on Codified Economic Substance Doctrine
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.
New Study Examines Housing Related Tax Expenditures
The Pew Charitable Trusts recently released a study regarding the costs and benefits of current housing-related tax expenditures.
IRS Seeks Comments on Tax-Exempt Bond Arbitrage Restrictions
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.
IRS Issues Notice to allow LIHTC Properties in Missouri to Rent Vacant Units to People Displaced by Recent Flooding
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.
Register for NH&RA’s Summer Institute!
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.
IRS Proposes Changes to NMTC Program, Seeks Comments
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.