The Treasury Department’s 2012″“2013 Priority Guidance Plan contains 317 projects that are priorities for allocation of the resources of its offices during the twelve-month period from July 2012 through June 2013 (the plan year). The plan represents projects they intend to work on
actively during the plan year and does not place any deadline on completion of projects. Projects on the 2012″“2013 plan will provide guidance on a variety of issues important to
individuals and businesses, including international taxation, health care, and implementation of legislative changes. Highlights include:
Low Income Housing Tax Credit
- Revenue Procedure updating Revenue Procedure 2007-54, which provides relief
under §42 in the case of a presidentially declared disaster. - Notice providing relief from certain §42 requirements following Hurricane Sandy.
- Guidance concerning the exception under §42(d)(6) for any federally or State
assisted building. - Regulations concerning utility allowances under §42(g)(2)(B)(ii) for sub-metered
buildings. Interim guidance was issued in Notice 2009-44, 2009-21 I.R.B. 1037. - Guidance under §42 relating to the application of the design and construction
accessibility requirements under the Fair Housing Act. - Regulations under §42 relating to compliance monitoring, including issues identified
in Notice 2012-18.
New Markets Tax Credit
- Final regulations under §45D that revise and clarify certain rules relating to recapture of the new markets tax credit as well as other issues. Proposed regulations were published August 11, 2008.
- Regulations under §45D on new markets non-real estate investments. Proposed regulations and an advance notice of proposed rulemaking were published on June 7, 2011.
Energy / Sustainability Credits
- Guidance on the energy credit under §48.
- Guidance concerning the homebuilder credit and the changed energy efficiency
standard under §45L, as modified by ATRA - Revenue Procedure under §446 modifying Rev. Proc. 2011-14 and Rev. Proc. 97-
27 for rules relating to certain changes in methods of accounting regarding
transactions to which §381 applies, a change in method of accounting described in
Rev. Proc. 2011-43 for taxpayers in the business of transporting, delivering or
selling electricity, and a change in method of accounting for amounts paid or
incurred for the installation of energy efficient commercial building property under §179D. - Guidance under §25D regarding credits for residential energy efficient property.
Learn more about the state of these regulation changes at NH&RA’s Winter New Markets Tax Credit Symposium on April 4 in Washington, DC.