Novogradac & Company Llp

Michael J. Novogradac, CPA, updates listeners on the ongoing federal budget negotiations. Then he discusses bonus depreciation guidance from the IRS; an update on tax patent legislation; the U.S. Court of Appeals reversal of the Tax Court ruling in Virginia Historic Tax Credit Fund case; the IRS's notice to appeal the Historic Boardwalk Hall case; insights from the National Park Service's annual report about the historic tax credit in 2010; an upcoming hearing of the Ways and Means Human Resources Subcommittee of interest to the new markets tax credit community; an invitation for NMTC applications published by the City of Indianapolis; an announcement of the released of an updated 8823 Guide; recent developments in the national debate over housing finance reform; and finally, a study about tax credits for developing wind and solar projects.

Michael J. Novogradac, CPA, updates listeners on the ongoing federal budget negotiations. Then he discusses efforts by lawmakers in New York to reinstate the Historic Rehabilitation Tax Credit Program. Then he previews his most recent blog posting, in which I respond to unfair commentary about the New Markets Tax Credit program. Turning to low-income housing tax credit matters, he discusses Senate Banking Hearing about housing finance reform and a reviews a compliance requirement for Recovery Act properties in California. Finally, he announces details of Novogradac & Company's upcoming Financing Renewable Energy Conference. '

Michael J. Novogradac, CPA, updates listeners on the federal budget, examines a HUD report on Recovery Act programs in cities, shares highlights from a Congressional briefing organized by the New Markets Tax Credit Coalition, introduces the Novogradac & Company NMTC mapping tool, addresses policy concerns about historic properties' development standards, examines a Federal Reserve Bank of Dallas report on the effect of low-income housing tax credit development on schools, alerts listeners to HUD's new affordable rental housing partnerships page, and reviews renewable energy bills S. 591 and H.R. 1023 and Idaho's H.B. 265.

Michael J. Novogradac, CPA, reviews the status of tax patent legislation as well a new bill introduced last week to extend the Section 1602 exchange program and improve the new markets tax credit. Then he discusses a suggestion from the GAO to convert the new markets tax credit to a grant program. Next, he shares welcome news from the National Park Service, which last week began posting copies of historic tax credit certification review appeals on its web site. In low-income housing tax credit matters, he examines legislation to capitalize the National Housing Trust Fund; a comment request from HUD regarding it's methodology for calculating fair market rents; and legislation in Hawaii that would set an automatic repeal date for more than two dozen tax credit programs, including the state's LIHTC and RETC programs. And finally, he reviews two updates on the renewable energy industry ' one from ACORE and the other from the Solar Energy Industries Association.

Michael J. Novogradac, CPA, updates listeners on the budget and deficit talks taking place in Washington, D.C. and shares updates from several congressional hearings. Then he reviews the National Low Income Housing Coalition's annual Out of Reach report; HUD's new multifamily rental project closing documents; the impact of LIHTC financed developments on local schools; and two white papers released last week that detail Fannie Mae's support for the multifamily market. Then he discusses new statistics on Section 1603 renewable energy cash grants and changes being proposed by the Bureau of Land Management in an effort to facilitate renewable energy development on public lands. Next, he welcomes the new chief of the National Parks Service Technical Preservation Services office and reviews new guidance about how to make historic buildings more sustainable. Finally, he discusses the status of NMTC extension legislation; news that the New Markets Tax Credit Program was named one of the top 25 most innovative program

Michael J. Novogradac, CPA, shares an update on the status of federal funding negotiations in Congress. Then he reviews the latest qualified equity investment report from the CDFI Fund, and some information about a new Project Profile tool that new markets tax credit allocatees can use to share their success stories with the public. Next, he previews the March Journal of Tax Credits and the National Historic Tax Credit Conference. Then he examines the IRS's 2011 population estimates and what they mean for states' LIHTC and bond caps. And finally, he reviews new information about Section 1603 grant funding to date that was released last week by the Treasury Department.

Michael J. Novogradac, CPA, shares update on the status of federal funding negotiations in Congress; reviews details of the much-anticipated eighth round of new markets tax credit allocations; discusses state historic tax credit developments in Michigan, New Jersey and Minnesota; examines a recent article about tax reform that erroneously asserts that the burden of eliminating the LIHTC would fall most heavily on the finance and insurance industries; and shares some good news for the renewable energy community in New Jersey, where the state department of revenue recently confirmed that Section 1603 grants are not taxable for state purposes.

Michael J. Novogradac, CPA, updates listeners on the status of funding for the federal government; announces the winner of the Superbowl Commercial contest; and reviews at the National Park Service's annual report about historic tax credit activity in 2010. Then, he discusses recent federal and state renewable energy legislation; shares an update from the Novogradac New Markets Tax Credit Working Group; and reviews the findings of a report in Florida that compares the job creation generated by constructing new LIHTC developments compared to that of preserving existing developments.

Michael J. Novogradac, CPA, shares his initial impressions of the Obama Administration's budget proposal for fiscal year 2012. Then he discusses the Administration's proposal to reform the nation's housing finance system; recent IRS guidance on the taxability of TCAP grants; the National Offshore Wind Strategy; two community development projects in Chicago that demonstrate the direct benefits the NMTC provides to low-income communities; and Maryland's most recent round of Sustainable Communities Tax Credits.

Michael J. Novogradac, CPA, discusses tax patent legislation; anticipates the 2010 New Markets Tax Credit program allocations; informs listeners of recently released NMTC and HTC guidance from the Health Resources and Services Administration; informs listeners about the NMTC Coalition's selection of Annie Donovan as president; mentions NMTC media attention; outlines Sen. Jeff Bingaman's energy policy priorities; summarizes an American Wind Energy Association report on 2010 wind facility construction; informs listeners about the availability of Oregon's business energy tax credits; refutes Sen. Rand Paul's claims about the low-income housing tax credit program; updates listeners about California's Prop. 1C and Prop. 46 bond freezes; summarizes a Hawaii Housing and Finance Development Corporation report on single-room occupancy units near transit; summarizes President Obama's Better Building Initiative; and updates listeners on the Historic Boardwalk Hall LLC historic tax credit case.

Michael J. Novogradac, CPA, discusses President Obama's State of the Union address; shares highlights from the New Markets Tax Credit Conference; updates listeners on two bills introduced in Congress related to renewable energy tax credits, and a Federal Claims Court decision regarding the Section 1603 renewable energy cash grant exchange program; discusses legislation to extend an important deadline for GO Zone LIHTC properties and a new SEC rule that will affect issuers of municipal bonds and tax credit pricing news in California.

Michael J. Novogradac, CPA, discusses legislation that would prohibit the patenting of tax planning strategies. Then he reviews the IRS's work plan for tax-exempt bond issues and discusses several state level issues related to affordable housing. Next, he shares an announcement about a new program designed to promote renewable energy in Tribal communities and discusses renewable energy legislation introduced in Oregon and Nebraska. Turning to new markets tax credits, he updates listeners on the latest tally of certified CDEs; reviews the CDFI Fund's annual performance report; and summarizes a bill to create a state NMTC in Oregon. Finally, he shares information regarding nominations for the National Trust for Historic Preservation's annual awards.

Michael J. Novogradac, CPA, shares news about Ways and Means Committee Chairman Dave Camp's plans for comprehensive tax reform. Then he reviews rules published by the Federal Housing Finance Agency regarding Fannie Mae, Freddie Mac and the Federal Home Loan Banks. He also reviews multifamily housing market analysis released by the National Association of Home Builders. Next he discusses two renewable energy topics: a summary of legislation introduced to provide an investment tax credit for waste-to-energy facilities, and news in California regarding the taxability of Section 1603 grant funds. Then he checks in with New Jersey, where lawmakers last week moved one step closer to enacting a state historic tax credit. And finally, he previews some of the planned activities of the Novogradac NMTC Working Group.

Michael J. Novogradac, CPA, the chances for future tax extenders in light of impending debate in Congress over fiscal policy; last week's positive decision from the U.S. Tax Court in Historic Boardwalk Hall LLC v. Commissioner; IRS guidance regarding what constitutes a "significant changes" for Section 48C projects; comments submitted to HUD by the Novogradac LIHTC Working Group regarding proposed regulations for the National Housing Trust Fund; and a quick update on the timing for the next round of new markets tax credit allocations.

Michael J. Novogradac, CPA, discusses what to expect when Congress convenes this week; how states scored in a ranking of their use of Tax Credit Assistance Program funds; the possible timing of the next round of new markets tax credit allocations and applications; guidance regarding the deduction for renewable energy under Section 179D; and guidance regarding Colorado's Conservation Easement Tax Credit. '

Michael J. Novogradac, CPA, take a look at the year 2010 in review for the low-income housing tax credit, new markets tax credit, renewable energy tax credits and historic tax credits. He also discusses a little of what lies ahead for these tax credits in 2011.

Michael J. Novogradac, CPA, summarizes what was included in the final tax extenders packaged approved by Congress last week. Then he shares information from two reports about the new markets tax credit program, including projections for job creation based on the new two year extension of the credit. Next, he discusses a memo released by the California Debt Limit Allocation Committee that addresses concerns that were raised by a recent IRS Notice regarding tax-exempt bond issuance. Then he previews some of the historic tax credit content in this month's issue of the Novogradac Journal of Tax Credits. And finally, he shares an announcement regarding public land that the government has deemed to be best suited for solar development in the West.

Michael J. Novogradac, CPA, brings listeners up to speed on the status of tax extenders legislation and reviews the IRS's priority guidance plan for the coming months. Next, he talks about a private letter ruling released last week that granted an extension of time to file an application for certification of historic status. He also shares more detailed information regarding $16 million available for reallocation under the Tax Credit Assistance Program. Next, he shares some insights regarding the CDFI Fund's plans for implementing new Census data when it becomes available. And finally, he reviews the findings of two studies that rank states' according to their energy policies and potential to produce energy

Michael J. Novogradac, CPA, discusses the latest status of tax extenders legislation and other developments from the current, ongoing lame duck session of Congress. Then he discusses a bipartisan letter support for an extension of the Section 1603 renewable energy cash grant program in Congress, and describes a regulation change at the Department of the Interior that is expected to facilitate development of new energy projects on the Atlantic Outer Continental Shelf. In the low-income housing tax credit discussion, he shares an announcement from HUD regarding $16 million that is available for reallocation under the Tax Credit Assistance Program. He also discusses recent IRS guidance regarding bond issuance that has raised some doubts about the use of the draw down structure for affordable housing financing. In new markets tax credits news, he reviews the latest QEI issuance report from the CDFI Fund and shares news about the Capital Magnet Fund.

Michael J. Novogradac, CPA, shares information about a Federal Housing Administration pilot program that will speed up the processing of low-income housing tax credit transactions; summarizes a recent agreement reached over Montana's qualified allocation plan; and discusses Louisiana Housing Finance Agency's state housing needs assessment. Then he reviews a report from the Federal Reserve Bank of San Francisco about transit-oriented development. Next, he examines information from the Federal Energy Regulatory Commission about states' energy generation and efficiency standards. And finally, he discusses a bill passed last week that could make New Jersey the 32nd state to offer a historic rehabilitation tax credit.