IRS/Tax Issues

The Emerging Issues Task Force (EITF) of the Financial Accounting Standards Board recently approved and finalized proposed accounting standards for investments in a qualified affordable housing project which many believe will ultimately increase the flow of capital to affordable housing.

All conference materials, PowerPoint presentations, relevant articles, reports, memos, etc. from the 2013 Fall Forum are available below under the relevant session titles. Click below to learn more about the topics that were covered at the meeting!

The Internal Revenue Service (IRS) announced in Revenue Procedure 2013-35 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2014.

All conference materials, PowerPoint presentations, relevant articles, reports, memos, etc. from the 2013 NCHMA Annual Meeting are available for download.

The Internal Revenue Service (IRS) has released it latest LIHC Newsletter, which provides a forum for information about Section 42, the Low-Income Housing Tax Credit (LIHTC), and communicates technical knowledge and skills, guidance, and assistance for developing LIHTC properties. LIHC Newsletter #53 provides guidance on developer fees.

The Internal Revenue Service (IRS) announced that it is waiving certain limitations for projects financed with Low Income Housing Tax Credits (LIHTC) or exempt facility bonds so that owners and operates across the United States can provide housing to victims of severe storms, flooding, landslides, and mudslides in Colorado that began September 11, 2013.

The U.S. Senate and House of Representatives Appropriations Committees have both approved the T-HUD Subcommittee versions of the fiscal year (FY) 2014 Transportation, Housing and Urban Development (T-HUD) and FY 2014 Agriculture and Rural Development funding bills.

Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) recently distributed a “Dear Colleague” letter outlining a “blank slate” approach to tax reform. This method approaches tax reform with the assumption that all special provisions will be eliminated unless there is clear evidence they should be kept in the code.

The Internal Revenue Service (IRS) recently published Revenue Procedure 2013-31, which details the amounts of unused Low-Income Housing Tax Credit (LIHTC) carryovers allocated for calendar year 2013.

The Internal Revenue Service (IRS) has released it latest LIHC Newsletter, which provides a forum for information about Section 42, the Low-Income Housing Tax Credit (LIHTC), and communicates technical knowledge and skills, guidance, and assistance for developing LIHTC properties.

The Department of Treasury’s Internal Revenue Service (IRS) recently invited public comments on carryover allocation documents, election statements, and binding agreements related to Low-Income Housing Tax Credit (LIHTC) and Section 42 utility allowance regulations.

The U.S. Department of Treasury’s updated 2013-2014 Priority Guidance Plan contains 324 projects that are priorities for allocation of the resources of its offices during the plan year which runs from July 2013 through June 2014.