IRS/Tax Issues
Court Overturns VA Tax Credit Decision; IRS Files Appeal of Historic Boardwalk Hall Decision
NH&RA thanks Harold Berk for the following update on a recent Fourth Circuit Court decision impacting state tax credit structures.
Virginia Historic Tax Credit Case Overturned By Appeals Court
Novogradac & Company is reporting that the U.S. Court of Appeals for the Fourth Circuit today published an opinion in the case of Virginia Historic Tax Credit Fund v. Commissioner of Internal Revenue that reverses the December 2009 U.S. Tax Court opinion.
IRS Updates LIHTC Form 8823 Guide
The Internal Revenue Service (IRS) last week released an updated version of its “Guide for Completing Form 8823: Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition.”
FY-2012 Budget Makes Major LIHTC Changes; Also Extends NMTC & Others Programs
The Department of the Treasury’s FY-2012 Budget Proposal included two major changes to the low-income housing tax credit. The changes if enacted with create a basis boost for certain bond transactions and encourage owners to create more mixed-income housing.
President Obama Signs Tax Relief Legislation
President Obama on Friday signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The House last week passed the bill by a vote of 277-148. The Senate approved the bill on December 15 by a vote of 81-19.
IRS Releases State Population Estimates
The Internal Revenue Service (IRS) recently released the 2011 Calendar Year Resident Population Estimates for each state.
NH&RA Winter Golf Round Up
NH&RA had perfect weather for this year’s Winter Golf Tournament at the Raptor Bay Golf Club last week in Bonita Springs, Fla. NH&RA congratulates the following prize winners.
IRS Issues Guidelines on Taxability of TCAP Grants
The IRS Office of the Chief Counsel has issued a new memorandum (#201106008) addressing the taxability of Tax Credit Assistance Program (TCAP) grants.
Administration Submits Plan for Housing Finance Reform to Congress
On February 11, the Obama Administration delivered a report to Congress that present a proposal for reforming America’s housing finance market.
CEFAH White Paper: Incentivizing Affordable Housing Retrofits Through Utility Allowance Modernization Introduction
NH&RA’s Council for Energy Friendly Affordable Housing recently authored a new white paper suggesting way to improve how utility allowances are calculated for energy efficient LIHTC and HUD-assisted multifamily housing.
Tax Reform on House Committee’s Agenda
The U.S. House of Representatives’ Ways and Means Committee Chairman, Rep. Dave Camp (R-MI) recently announced that the committee will hold the first of several hearings on fundamental tax reform this Thursday,
Obama Debt Commission Releases Report
The National Commission on Fiscal Responsibility and Reform has released a draft proposal to reduce the federal debt and overhaul the tax code.