Federal / Agency News

The law firm Goulston & Storrs LLP recently issued an advisory entitled “A Real Estate Developer’s Guide to Carried Interest Legislation.”

HUD’s Federal Housing Administration has issued regulations for its multifamily mortgage insurance program relating to a provision in Title VIII of the Housing and Economic Recovery Act of 2008 that prohibits a requirement that tax credit sales proceeds be placed into escrow, at the time of initial endorsement, for assurance of project completion and to pay the initial service charge, carrying charges, and legal and organizational expenses incident to the construction of the project.

Last week, the Chairman of the House Ways and Means Committee, Rep. Sander M. Levin (D-Mich.) announced the introduction of the Investing in American Jobs and Closing Tax Loopholes Act of 2010 (H.R. 5893).

The United State’s Senate has issued a substitute amendment for HR 4213, “American Jobs and Closing Tax Loopholes Act of 2010.”Â The Senate is currently scheduled to debate HR 4213 this week. Most of the housing related provisions from the House version remain unchanged, with the exception of a change to the taxation of carried interest provisions. Major features of the amendment include…

National Housing & Rehabilitation Association is pleased to announce that it has released all PowerPoint slide presentations from the 2010 Summer Institute & Pre-Conference Symposium on New Markets Tax Credits.

House Ways and Means Committee Chairman Rep. Sander Levin (D-Mich.) recently released the draft legislative text of the Domestic Manufacturing and Energy Jobs Act of 2010.

Congresswoman Betty McCollum (D-Minn.) and Sens. Al Franken (D-Minn.) and Kit Bond (R-Mo.) recently introduced the Thermal Renewable Energy and Efficiency Act of 2010 (H.R. 5805), which would create a renewable thermal energy production tax credit by expanding the existing production tax credit (PTC) and expand the use of tax exempt bonds.

Last week, Senators Amy Klobuchar (D-MN) and Tim Johnson (D-SD) introduced new legislation, the Securing America’s Future with Energy and Sustainable Technologies (SAFEST) Act.

Last week, the Senate passed the Frank-Dodd Wall Street Reform and Consumer Protection Act (H.R. 4173) by a 60-30 vote. The bill is expected to be signed by President Obama this week.

Senator Mary Landrieu (D-La.) recently proposed a package of tax incentives designed to create jobs and provide much needed relief to small businesses and communities along the Gulf Coast in the wake of the oil spill.

Last week the US House of Representatives passed the H.R. 4173, Wall Street Reform and Consumer Protection Act of 2009. Historic Tax Credit advocates achieved a major victory in last minute amendment that removed provision that would have seriously compromised a bank’s ability to invest in historic tax credits.

U.S. Senator Maria Cantwell (D-Wash) last week proposed an amendment to the pending tax extenders bill (H.R. 4213) that would extend Section 1603 renewable energy tax credit cash grant program through the end of 2012.