IRS/Tax Issues

The Internal Revenue Service (IRS) recently issued Notice 2009-52, which describes the procedures taxpayers must follow in order to make the election to receive the energy investment tax credit (IRC Section 48) instead of the production tax credit (IRC Section 45).

The Internal Revenue Service is soliciting comments on Form 8611, the form required for Recapture of Low-Income Housing Tax Credits (LIHTC). Under the LIHTC program, if a project is discarded or fails to meet ongoing program requirements during the 15-year compliance period, the owner must use Form 8611 in order to recapture part of the credits taken in prior years.

The National Housing & Rehabilitation Association has made available the PowerPoint presentations displayed during the recent 2009 Spring Developers Forum: A Time of Opportunity, held May 11-12, 2009 at the Hyatt Regency Century Plaza in Los Angeles, California.

The U.S. Treasury Department and Internal Revenue Service are soliciting suggestions on federal tax guidance projects that should be included on the 2009-2010 Guidance Priority List.

A newly released private letter ruling from the Internal Revenue Service says that the costs of infrastructure improvements connected with a low-income housing tax credit project that are paid for by the taxpayer and dedicated to the city are includible in the basis of each low-income building in the project, and are includible in tax credit eligible basis.

Novogradac & Company recently issued an alert providing and update on the eligibility of exchanging GO Zone Credits using the Tax Credit Exchange Program.

National Council of Affordable Housing Market Analysts recently convened its Spring Public Policy & Market Study Forum April 6-7 in Washington DC. This year’s innovative program featured a very informative Washington & Public Policy Update. The panelists explored critical topics including the American Recovery & Reinvestment Act, congressional legislative priorities, personnel and regulatory changes at HUD and in the Obama Administration and much, much, more…You can now preview the session on our YouTube Channel or our our website…

The National Council of Affordable Housing Market Analysts has made available the PowerPoint Presentations and handouts presented during the 2009 Public Policy & Market Study Forum: Affordable Housing In The ‘Stimulated’ Economy.

NH&RA has made available individual PowerPoint presentations from the recent 2009 Annual Meeting & NMTC Symposium, March 11-15 in Key Largo, Florida.

Tax Credit Advisor
October 2008
Issue Theme: Historic Rehabilitation

The United State Senate has approved HR1: The American Recovery and Reinvestment Act of 2009 on a vote of 61-37. The Congressional Budget Office reports that the current version of the measure would cost $838 billion over ten years. Only three Republicans voted in favor of the measure. The package now heads to a House-Senate conference to resolve differences between the two versions. A compromise measure is expected towards the end of the week. A summary of the key housing and tax credit related provisions include…

The Arizona Department of Housing has released a notice that summarizes proposed changes to the July 2008 IRS ruling that amends utility allowance regulations for the low-income housing tax credit (LIHTC) program.