Tax Credit Tuesday Podcasts

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.

Today is Tuesday, October 13th, 2009. This week I will discuss the new difficult development areas and qualified census tracts that the U.S. Department of Housing and Urban Development designated last week. Then I will review HR 3715, that's the Community Restoration and Revitalization Act of 2009, which was recently introduced in Congress and includes enhancements to the federal historic tax credit. And last, I have an update on the timing of the announcement by the CDFI Fund of its 2009 NMTC allocation awardees.

In this week's Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, discusses tax credit reform, the end of the government shutdown and the raising of the debt ceiling, and Basel III minimum capital requirements. In new markets tax credit news, he discusses an upgrade to the Community Development Financial Institutions Fund's Information Mapping System and a request from the CDFI Fund for 2013/2014 new markets tax credit application reviewers. In lowincome housing tax credit news, he shares information about a California law that allows developers of special needs housing to get state tax credits. In renewable energy tax credit news, he discusses a report from the Solar Energy Industry Association about commercial solar installations. In historic tax credit news, he discusses a report about building reuse in Los Angeles and legislation in Wisconsin that would double the state's historic tax credit percentage.

Michael J. Novogradac, CPA, updates listeners on several Congressional hearings related to tax reform, new legislation, tax-exempt entities and the U.S. Department of Housing and Urban Development's rental housing assistance program. In renewable energy news, he covers the American Advanced Energy Manufacturing Jobs Act (H.R. 6182) and a recent National Renewable Energy Laboratory study. The new markets tax credit discussion features an update on the 2012 application and CDE certification, as well as an opportunity to access Novogradac's 2012 NMTC application webinar. In low-income housing tax credit news, Mr. Novogradac alerts readers to program recommendations from the National Housing Trust and an impending California redevelopment agency dissolution-related deadline. In historic tax credit news, he informs readers of a recent legislative victory in Ohio, a Q&A on Native American Traditional Cultural Landscapes and an upcoming Advisory Council on Historic Preservation meeting.

An expected red-wave election for Republicans in the Senate and the House of Representatives ended up being closer than expected, with the Democratic Party retaining control of the Senate and the House of Representatives undecided (although trending toward Republican control). In this week’s podcast, Michael Novogradac, CPA, and Peter Lawrence, Novogradac’s director of public policy and government policy, discuss the results and the repercussions for community development tax incentives. They begin with an overview of the election, the look at potential leadership for each party in each chamber of Congress, including the key tax-writing committees. Then they discuss the effect the election results will have on the lame-duck session of Congress as well as the next two years, before looking at the 2024 election and 2025 expiration date for many tax incentives. Finally, they discuss the Novogradac working groups and how listeners can benefit from being a part of them.