Novogradac & Company Llp

Michael J. Novogradac, CPA, provides an update of the Congressional calendar, the status of the tax extenders and tax expenditures, and the Basel III rules; discusses the President's Fiscal Commission's draft report of proposed recommendations and Sen. Grassley's questions about the Build America Bonds program; examines a Harvard's Joint Center for Housing Studies report on lowincome housing tax credits, a Center for American Progress report on clean energy, IRS private letter ruling 201045013 and a working paper released by the Federal Home Loan Bank of San Francisco that examines that NMTC program's performance during the recession. He also discusses the Missouri Tax Credit Review Commission's recent recommendations and the Advisory Council on Historic Preservation's upcoming meeting.

Michael J. Novogradac, CPA, examines the National Commission on Fiscal Responsibility and Reform's draft report and shares a congressional update. Next, he discusses efforts to support the extension of the Section 1602 cash grant exchange program; shares new tools provided by the Housing Advisory Group to help educate lawmakers on the benefits of the LIHTC; and summarizes a new market rate tax credit housing program in Massachusetts. Then, he discusses a White House memo that contemplates the futures of the Section 1705 renewable energy loan guarantee program and the Section 1603 renewable energy tax credit cash grant exchange program. He also discusses a California ballot proposition that may have rendered Section 1603 grants taxable. Next, he shares the latest news about Missouri's Tax Credit Review Commission. And finally, he summarizes the most recent QEI issuance report.

Michael J. Novogradac, CPA, reviews the results of last week's mid-term elections. Then, he discusses important news for the renewable energy community, including new documents posted last week by the Treasury Department regarding the Section 1603 cash grant program. Then he shares a comment letter submitted by the LIHTC Working Group to the Treasury Department about the Volcker Rule. Next he examines a report issued recently by a subcommittee of Missouri's Tax Credit Review Commission. And finally he discusses an update about the CDFI Fund's Health Food Financing Initiative.

Michael J. Novogradac, CPA, discusses what's at stake in today's midterm elections and shares another update on tax extenders legislation. Then, he reviews the inflation-adjusted LIHTC and private activity bond caps for 2011; shares the IRS's announcement about the 2010 national pool; summarizes HUD's proposed rules for the national Housing Trust Fund; and shares information a NOFA released by the state of New York. Then, he shares highlights from Rosa Martinez's keynote address the New Markets Tax Credit Investors Conference in Chicago. Next, he discusses a task force that is examining the National Park Service's administration of historic preservation programs, including the historic tax credit. And finally he discusses Sen. Sherrod Brown's call to extend and expand the Section 48C tax credit program, and summarizes a report about jobs created by the geothermal energy industry.

Michael J. Novogradac, CPA, shares updates on tax extenders and the president's fiscal reform commission. Then, he discusses an announcement for Recovery Act's Section 1602 grant recipients and reviews the findings of a GAO report on the reporting requirements of three HUD programs, including the Tax Credit Assistance Program. Next, he talks about the announcement of Ohio's first round of state new markets tax credits awards and two announcements from the CDFI Fund. Then he previews historic tax credit articles from November's Journal of Tax Credits. Finally, he discusses the Lead by Example initiative program in Massachusetts and talks about a video released by the American Wind Energy Association that refutes some recent criticisms that have been made about the Recovery Act's Section 1603 cash grant in lieu of renewable energy tax credit program.

Michael J. Novogradac, CPA, discusses a recent White House conference focused on rental housing policy, the inaugural round of Capital Magnet Fund awards, a position opening at the Community Development Financial Institutions Fund, the National Park Services' proposed changes to historic certification procedures, Section 1603 safe harbor compliance testing, a report from the Solar Energy Industries Association showing significant growth in the solar industry and a speech that Secretary of the Interior Ken Salazar gave at the Solar Power International 2010 Conference and Exhibition.

Michael J. Novogradac, CPA, discusses a White House report that lists 100 projects funded by the Recovery Act, the significance of HUD's 2011 fair market rents, and a report that ranks green building elements in low-income housing tax credit qualified allocation plans. He also recaps a court ruling concerning a historic tax credit property that defaulted during its recapture period. He reviews the latest QEI issuance report and mentions a job opportunity at the CDFI Fund. Finally, he summarize a new report from the Department of Energy concerning offshore wind development and a preview of Novogradac & Company's upcoming Financing Renewable Energy Conference being held in Washington, D.C. the week after the mid-term elections.

Michael J. Novogradac, CPA, shares an update on what's in store for Congress. He also discusses recent comments from a representative of the Joint Committee on Taxation regarding the codification of the economic substance doctrine; reviews newly posted fair market rents for 2011; talks about IRS LIHC Newsletter #41; mentions potential changes to NCSHA's recommended practices and shares proposed changes to California's readiness scoring regulations. Next, he discusses highlights from a newsletter from the Office of the Comptroller of the Currency and a preview of an article from the Novogradac Journal of Tax Credits that includes tips on repairing and restoring windows in historic tax credit projects. Then he discusses two Senate bills would extend energy tax incentives, and the potential impact of the financial reform bill on renewable energy tax credit investment. Finally, he closes with a couple tax credit tidbits.

Michael J. Novogradac, CPA, discusses the possible effect of new Basel III regulations on tax credit investing. He also reviews a report from the Government Accountability Office regarding the Recovery's Act's low-income housing tax credit programs, as well as a proposal to implement an LIHTC program in Canada. Then he summarizes new markets tax credit investment data through 2009; new legislation regarding an AMT offset for NMTCs; and a job opening at the CDFI Fund. Next, he checks in on the Missouri state tax credit review commission. Finally, he discuss the pace at which the Department of Energy expects to disperse Recovery Act funds in the coming months, a prediction about the pace of wind turbine installations in 2011, and a review of recently introduced energy legislation.

Michael J. Novogradac, CPA, reviews several general tax credit news items including the Small Business Jobs bill; a tax extenders update; an IRS Notice about economic substance; and the effect of Basel III on tax credit investment by banks. In the LIHTC news corner, he shares information about the 2011 DDAs, last week's Treasury Meeting of LIHTC stakeholders, and an audit issue affecting some LIHTC not-for-profits. Next, he examines the possible impact of a recent FASB lease accounting proposal on historic tax credit lease pass throughs. On the renewable energy front, he discusses an IRS notice on the tax credit for coal and three new reports about the renewable energy market. Finally, he shares news from the CDFI Fund about a job opportunity. '

Michael J. Novogradac, CPA, shares an update on the status of tax extenders; discusses the status of the newly designated 2011 difficult development areas for the low-income housing tax credits, and reviews the latest activities of the LIHTC Working Group. He also shares an important announcement for allocatees of new markets tax credits under the Recovery Act; discusses the IRS's reply brief in the Virginia historic tax credit fund case; shares information about the first deal closed under the Department of Energy's Financial Institution Partnership Program, and touches on a proposal regarding a feed-in tariff in California.

Michael J. Novogradac, CPA, shares an update on the status of tax extenders; reviews the latest QEI report issued for the new markets tax credit program; discusses three LIHTC topics: a letter submitted to banking regulators suggesting improvements to the Community Reinvestment Act rules, a ruling from the IRS related to related to the timing of redemption of bonds used to meet the 50 percent test, and the Federal Housing Finance Agency's 2011 housing goals for Fannie Mae and Freddie Mac. Moving on to historic tax credits, he highlights a new law that is expected to help banks and insurance companies more readily use New York State Rehabilitation Tax Credits. On the renewable energy front he considers the possible impact of financial regulatory reform on a banks' ability to invest in renewable energy tax credits. Finally, he closes with some tax credit tidbits.

Michael J. Novogradac, CPA, updates listeners on the status of tax extenders legislation; reviews the Obama Administration's conference on federal housing finance; shares announcement regarding HUD's escrow requirement for tax credit equity; covers a proposal in Missouri to dedicate a third of the state's affordable housing resources to create housing for the mentally ill and homeless; discusses the launch of Ohio's NMTC Program; examines an Appeals Court decision in the Whitehouse Hotel case; and summarizes recent energy legislation enacted at the state level, as well as a new loan guarantee solicitation from the Department of Energy.

Michael J. Novogradac, CPA, shares an update on recent activity of the Novogradac New Markets Tax Credit working Group; discusses recently introduced renewable energy legislation and the DOE's annual wind report; reviews the state tax credit deferral recently approved by New York's legislature; talks about the highlights of IRS LIHC Newsletter #40; previews the 17th Annual Affordable Housing Tax Credit Conference; discusses provisions of the Community Recovery and Enhancement Act; and closes with tax credit tidbits.

Michael J. Novogradac, CPA, shares an update on the small business bill; discusses the 30 percent requirement for Section 1602 grantees; talks about states' review of their affordable housing plans; examines the latest QEI report for the NMTC program; describes changes to Oregon's state energy tax credit; reviews an update in the Virginia Historic Tax Credit Fund case; and closes with tax credit tidbits

Michael J. Novogradac, CPA, shares breaking news about the new markets tax credit, renewable energy tax credits, low-income housing tax credits, and historic tax credits. He also discusses the Fiscal Reform Commission, FHA funding and the future of federal housing finance. Finally, he closes with several tax credit tidbits.

Michael J. Novogradac, CPA, reviews the congressional calendar, discusses the House Financial Services Committee markup of a housing preservation bill, shares breaking news about the creation of a tax credit review committee in Missouri, describes Moody's methodology for rating debt secured by rental housing, and shares information on the lawsuit filed by California's attorney general against Fannie Mae and Freddie Mac. Finally, he closes with some tax credit tidbits.

Michael J. Novogradac, CPA, reviews the financial reform bill passed by Congress, covers the status of tax extenders legislation, discusses the small business tax and lending bill and shares information on energy legislation. He also discusses the National Commission on Fiscal Responsibility and Reform. Finally, he reviews some tax credit tidbits and closes with the tax credit calendar.

Michael J. Novogradac, CPA, reviews what is expected from Congress in the coming weeks, covers the upcoming CRA hearings, and shares information on FHA underwriting changes and Fiscal Year 2011 HUD and Rural Housing appropriations. He also discusses a proposal to expand the NMTC program and legislation to create a geothermal tax credit. Finally, he reviews the tax credit calendar and closes with some tax credit tidbits.

Michael J. Novogradac, CPA, shares an update on the congressional calendar, summarizes new analysis of HUD's LIHTC database, discusses the CDFI Fund's latest update of its QEI Issuance Report, reviews predictions of the post-stimulus landscape for renewable energy, updates listeners on a solar water heating incentive being implemented in California, examines a report that highlights growth for the wind industry, and shares two Tax Credit Tuesday tidbits: one about the future of Fannie Mae and Freddie Mac, and the other about public comments received regarding the Capital Magnet Fund.