News

NH&RA is pleased to announce the election of following eight new directors at our 2012 Annual Meeting on February 23, 2012 at the Breakers in Palm Beach….

The National Park Service (NPS) recently published its annual report on the historic tax credit program for 2011. The report, entitled “Federal Tax Incentives for Rehabilitating Historic Buildings: Annual Report for Fiscal Year 2011,” includes information about the program’s use and performance throughout 2011.

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.

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.

The Virginia Housing Development Authority (VHDA) has released a memo to provide clarification for potential applicants in the state’s 2012 LIHTC funding round.

U.S. Department of the Treasury’s Deputy Secretary Neal Wolin along with U.S. Senator Mary Landrieu, U.S. Representative Cedric Richmond, and Community Development Financial Institutions Fund (CDFI Fund) Director Donna J. Gambrell, announced $3.6 billion in New Markets Tax Credit (NMTC) awards to 70 community development entities (CDEs) nationwide under the 2011 NMTC program funding round.

The Texas Department of Housing and Community Affairs (TDHCA) has released its public hearing schedule to gather public comments on 2012 Competitive Housing Tax Credit (HTC) Applications.

The Arizona Department of Housing (ADOH) has issued clarifications to the state’s 2012 Qualified Allocation Plan (QAP).

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.

Indiana’s House of Representatives recently approved and sent the Senate a bill to revise the state’s historic tax credit program, which currently provides a credit equal to 20% of qualified rehab expenses.

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.

Budget of the United States Government, Fiscal Year 2013 contains the Budget Message of the President, information on the President’s priorities, budget overviews organized by agency, and summary tables.