Federal / Agency News

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.

The U.S. Department of the Treasury yesterday updated its frequently asked questions regarding the beginning of construction for projects seeking payments through the Section 1603 program.

The Internal Revenue Service has finalized regulations relating to how an entity can qualify as a qualified active low-income community business (QALICB) under the New Markets Tax Credit (NMTC) program.

The Internal Revenue Service (IRS) recently announced the release of the updated Conservation Easement Audit Technique Guide (ATG).

Senators Jim Webb (D-VA) and Mark Warner (D-VA) today introduced “The Rehabilitation of Historic Schools Act of 2011,” which provides a tax credit for communities to partner with private sector developers to rehabilitate the nation’s older school buildings.

U.S. Representative Brian Higgins (D-NY) last week introduced H.R. 3224 to extend the New Markets Tax Credit (NMTC) program through 2016.

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).

PowerPoint presentations from the Affordable Housing Underwriting Forum & NCAHMA Annual Meeting are now available for download.

Sen. Ben Cardin (D-MD) has introduced S. 1575, the Energy-Efficient Cool Roof Jobs Act. The legislation provides economic incentives to upgrade and modernize commercial roofs by reducing the depreciation schedule for commercial roof retrofits.

Last week, U.S. Senator Maria Cantwell (D-WA) sent a letter to Senate Majority Leader Harry Reid (D-NV) and Senate Minority Leader Mitch McConnell (R-KY) urging them to extend the New Markets Tax Credit (NMTC) Program and called for its inclusion in a Congressional jobs strategy.

U.S. Senator Mark Begich (D-AK), chairman of the Senate Democratic Steering and Outreach Committee, called for President Barack Obama to expand the New Markets Tax Credit (NMTC) as part of his jobs initiative.

Preliminary analysis by Novogradac & Company indicates that the HUD proposed fiscal year 2012 fair market rents (FMRs), released August 19, represent decreases in FMR levels for a vast majority of the country.