IRS/Tax Issues
Treasury Releases Updated Q&A on 1603 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.
IRS Finalizes Targeted Population Regulations for New Markets Tax Credit 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.
IRS Announces Updated Conservation Easement Audit Technique Guide
The Internal Revenue Service (IRS) recently announced the release of the updated Conservation Easement Audit Technique Guide (ATG).
IRS Issues Memo on Sale of Massachusetts Tax Credits
The Internal Revenue Service (IRS) has released a Chief Counsel Advice (CCA) memorandum stating that the sale of certain Massachusetts state tax credits, including low-income housing and historic tax credits, to a third party by the original recipient is a taxable event.
IRS Releases Unallocated Credit Carryovers for Certain States
The Internal Revenue Service (IRS) published Revenue Service 2011-57 which dictates the amounts of unused housing credit carryover allowances allocated to qualified states. Nearly $3.66 million of unused credits were divided among the states in the National Pool.
NH&RA Fall Developers Forum PowerPoints Now Available
NH&RA is pleased to present the PowerPoint presentations from the recent 2011 Fall Developers Forum (November 14-15) in Boston, Mass.
IRS Suspends LIHTC Requirements for New York Storm Victims
The Internal Revenue Service (IRS) has issued Notice 2011-87 to announce the temporary suspension of certain requirements for low-income housing tax credit projects in order to provide emergency housing relief to individuals affected by Hurricane Irene and/or Tropical Storm Lee in New York.
IRS Sets State Tax Credit Ceilings for 2012
In Revenue Procedure 2011-52, the Internal Revenue Service (IRS) set the inflation-adjusted State credit ceiling for the low-income housing tax credit (LIHTC) program and private activity bond caps for calendar year 2012.
IRS Offers LIHTC Relief to Pennsylvania Storm Victims
The Internal Revenue Service (IRS) issued Notice 2011-83 to grant certain low-income housing tax credit (LIHTC) properties relief from certain requirements to provide emergency housing relief needed as a result of the devastation caused by Hurricane Irene or Tropical Storm Lee in Pennsylvania.
New York Tax Law Would Extend Property Tax Exemptions
A New York law allows municipalities outside of certain counties to adopt a new real property tax exemption for the construction or substantial rehabilitation of multiple dwellings.
IRS Suspends LIHTC Requirements for Pennsylvania Storm Victims
The Internal Revenue Service (IRS) has issued Notice 2011-83 to announce the suspension of certain requirements for low-income housing tax credit projects in order to provide emergency housing relief to individuals affected by Hurricane Irene and/or Tropical Storm Lee in Pennsylvania.
IRS Office of Chief Counsel Memo Addresses Excessive 1603 Payments
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).