Federal / Agency News
Senate Votes on Amendment that Includes One Year NMTC Extension
The United States Senate adopted an amendment by unanimous consent to the Moving Ahead for Progress in the 21st Century Act or MAP-21 Act (S. 1813) that would provide a one year extension to the New Markets Tax Credit (NMTC) program.
IRS Issues Guidance on Energy Efficiency Deductions for Commercial Buildings
The Internal Revenue Service (IRS) has released Notice 2012-22 to provide updates on Notice 2008-40 and Notice 2006-52, both of which relate to guidance on deductions for energy efficient commercial buildings.
Congress Approves Payroll Tax Cut Extension Agreement
On February 17, the House of Representatives and the Senate both passed H.R. 3630, which will provide an extension of the payroll tax holiday, unemployment benefits and restored Medicare reimbursement rate provisions. Noticeably absent from the deal is an extension to the New Markets Tax Credit tax provisions, which expired in December 2011.
Administration Tax Reform Plan Calls for Making Energy Credit Permanent
U.S. Treasury Secretary Timothy Geithner on February 22 released the Obama Administration’s framework for corporate tax reform. Among other things, it calls for making the renewable energy production tax credit permanent and refundable.
Study Finds Very Low Recapture Rate for Historic Tax Credit
A new report released by the National Trust for Historic Preservation has found a very low rate of recapture of federal historic rehabilitation tax credits claimed over the past 10 years in historic rehab transactions.
Senators Introduce NMTC Extension Amendment to Senate Bill
Senators John Rockefeller (D-WV), Olympia Snowe (R-ME), and Robert Menendez (D-NJ) released a proposed amendment to Senate Finance Committee Chairman Max Baucus’ (D-MT) proposed mark of the Highway Investment, Job Creation and Economic Growth Act of 2012. The amendment seeks to extend the New Markets Tax Credit (NMTC) for one year through December 31, 2012 at a level of $5,000,000,000.
Proposed Bill Would Repeal All Energy Tax Credits
On February 2, U.S. Senators Jim DeMint (R-SC) and Mike Lee (R-UT) introduced S. 2064, the Energy Freedom and Economic Prosperity Act (EFEPA), which would repeal all energy specific tax credits.
New GAO Report Released on Homeless Women Veterans
A new report from the Government Accountability Office (GAO) indicates that the number of homeless women veterans has more than doubled, from 1,380 in fiscal year 2006 to 3,328 in fiscal year 2010.
Amicus Brief Filed in Historic Boardwalk Hall Case
The law firm of Miller & Chevalier filed an amicus brief on December 21, 2011 to the Third Circuit of the United States Court of Appeals on behalf of the National Trust for Historic Preservation and other organizations in the IRS appeal of Historic Boardwalk Hall, LLC v. Commissioner.
IRS Issues Notice on Refunding Disaster Relief Bonds
The IRS issued Notice 2012-3 to provide guidance on current refunding issues for outstanding prior bond issues that qualify for tax-exempt bond financing under disaster relief bond programs including Gulf Opportunity Zone Bonds (GO Zone Bonds), qualified Midwestern disaster area bonds and Hurricane Ike disaster area bonds under the Heartland Disaster Act.
Appellee Brief Filed in Historic Boardwalk Hall Tax Credit Case
The New Jersey Sports and Exposition Authority has filed an appellee brief with the United States Court of Appeals for the Third Circuit in the Historic Boardwalk Hall LLC v. Commissioner of Internal Revenue case.
NMTC Program Touted by U.S. Representatives
U.S. Representatives Marcia L. Fudge, Marcy Kaptur, Dennis Kucinich, Tim Ryan, Betty Sutton, and Richard Neal recently highlighted the benefits of the New Markets Tax Credit (NMTC) program and urged Congress to extend the program.