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. The plan represents guidance projects the agency intends to work on actively during the plan year but does not place a deadline on completion of projects.

One item of note in the updated plan is the inclusion of a project listed as “Revenue Procedure regarding the allocation under §704(b) of rehabilitation tax credits under §47.” Some believe this project to be the guidance regarding allowable partnership structures for the historic tax credit, which is the impending guidance stemming from the outcome of the Historic Boardwalk Hall court case. Other highlights include:

Low Income Housing Tax Credit

  1. Guidance under §42 relating to the application of the design and construction accessibility requirements under the Fair Housing Act.
  2. Regulations under §42 relating to compliance monitoring, including issues identified in Notice 2012-18.
  3. Revenue Procedure updating Revenue Procedure 2007-54, which provides relief under §42 in the case of a presidentially declared disaster.
  4. Guidance concerning the exception under §42(d)(6) for any federally or State assisted building.
  5. Final regulations concerning utility allowances under §42(g)(2)(B)(ii) for sub-metered buildings. Proposed regulations were published on August 7, 2012.

New Markets Tax Credit

  1. 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.

Energy / Sustainability Credits

  1. Guidance on the energy credit under §48.
  2. Guidance concerning the credit for production from advanced nuclear power facilities under §45J. 
  3. Guidance concerning the homebuilder credit and the changed energy efficiency standard under §45L, as modified by ATRA.
  4. Guidance under §25C and 25D regarding credits for nonbusiness energy property and residential energy efficient property.

Tax-Exempt Bonds

  1. Guidance on reallocations of New Clean Renewable Energy Bonds under §54C.
  2. Guidance on the definition of political subdivision under §103 for purposes of the tax-exempt, tax credit, and direct pay bond provisions.
  3. Guidance under §141 relating to private activity bonds.
  4. Guidance under §142 to provide temporary relief after a declared disaster.
  5. Notice amplifying the Oklahoma storm relief provided by Notice 2013-39 and Notice 2013-40 for purposes of §§42 and 142.
    • PUBLISHED 07/29/13 in IRB 2013-31 as NOT. 2013-47 (RELEASED 07/10/13).
  6. Final regulations on public approval requirements for private activity bonds under §147(f). Proposed regulations were published on September 9, 2008.
  7. Regulations on arbitrage investment restrictions under §148.
  8. Regulations on rebate overpayment under §148.
  9. Regulations on bond reissuance under §150. Notice 2008-41 was published on April 14, 2008 and was supplemented by Notice 2008-88 and Notice 2010-7.

Click here to read the 2013-2014 IRS plan.