IRS/Tax Issues
Cut-Off Dates Announced to Apply for 2024 Round of IRA’s Low-Income Communities Bonus Credit
The U.S. Department of the Treasury, the Internal Revenue Service (IRS) and the Department of Energy (DOE) announced application cut-off dates for the 2024 round for the Low-Income Communities Bonus Credit Program of the Inflation Reduction Act (IRA) of 2022.
IRS Allocates Additional $8.2 Million in Unused LIHTCs to 28 States
The Internal Revenue Service (IRS) allocated an additional $8.2 million in unused LIHTC carryovers to 28 states, ranging from $1.1 million to Texas to $24,409 to Vermont.
IRS Issues Guidance for Energy Communities, Bonus Credit Program Under the IRA
The IRS issued Notice 2024-30 to expand certain rules for determining what an energy community is for the production and investment tax credits.
IRS Announces Elective Pay Final Regulations for Renewable Energy ITCs
The IRS published the final elective pay regulations for the renewable energy Investment Tax Credit (ITC).
IRS Issues Updated Guidance for Form 8823
The Internal Revenue Service (IRS) issued updated guidance for completing Form 8823, the form used by State and Local LIHTC agencies to notify the IRS in the event of noncompliance or building disposition.
IRS Provides Guidance on Returned Disaster Housing Credit Authority
The Internal Revenue Service (IRS) published Revenue Ruling 2024-5, which provides guidance on the treatment of returned disaster Housing Credits for the 11 states and Puerto Rico that received disaster credit authority in the Taxpayer Certainty and Disaster Tax Relief Act of 2020.
Treasury and IRS Provide Guidance for Clean Energy Producers
The Department of the Treasury and the Internal Revenue Service issued Notice 2024-9 that provides procedures for applicable entities to claim the statutory exception to the application of the phaseouts for elective payment projects that begin construction during calendar year 2024 that fail to satisfy the domestic content requirement.
Treasury and IRS Provide Guidance for Clean Energy Producers
The Department of the Treasury and the Internal Revenue Service issued Notice 2024-9 that provides procedures for applicable entities to claim the statutory exception to the application of the phaseouts for elective payment projects that begin construction during calendar year 2024 that fail to satisfy the domestic content requirement.
IRS Increases 2024 LIHTC and PAB Per Capita Rates, Minimums
In Revenue Procedure 2023-2024 the Internal Revenue Service (IRS) increased the 2024 nine percent LIHTC ceiling to the greater of $2.90 multiplied by the state population or $3,360,000.
IRS Allocates more than $3.2 Million in Unused LIHTCs to 28 States
In Revenue Procedure 2023-32, the Internal Revenue Service (IRS) allocate more than $3.2 million in unused Federal LIHTCs to 28 states – ranging from $450,249 for Texas to $9,702 for Vermont.
Treasury Department and IRS Issue Proposed Regulations for Clean Energy Projects
The Treasury Department and Internal Revenue Service issued proposed regulations related to the increased tax credit or deduction amounts for clean energy facilities and projects, if taxpayers satisfy certain prevailing wage and registered apprenticeship (PWA) requirements.
IRS Publishing Final Regulations, Application Process for ‘Adder’ ITCs for Solar, Wind at Low-Income Communities, Federally Subsidized Residential Buildings
The Internal Revenue Service (IRS) published final regulations for the “adder” investment tax credit (ITC) percentages for solar or wind facilities built in low-income communities or in connection with federally subsidized residential buildings.