Novogradac & Company Llp

Michael J. Novogradac, CPA, discusses Rep. Dave Camp's draft tax reform; the Super Committee's progress; the status of federal appropriations; the launch of the Bipartisan Housing Commission; the brief filed by the IRS in its appeal of the Historic Boardwalk Hall case; the next meeting of the Advisory Council on Historic Preservation; the provisions of the Community Wind Act; key points of two new private letter rulings; the findings of project level audits of Section 1603 cash grants; an update on Oklahoma's state tax credit task force; the 2012 difficult development areas; the IRS's audits of multifamily housing bonds; $20 million in additional state low-income housing tax credits in Massachusetts; new NMTC project data; and the CDFI Fund's new deputy director, Dennis Nolan.

Michael J. Novogradac, CPA, shares an update on the Super Committee; discusses a report that compares the New Markets Tax Credit program to a comparable cash grant program; updates listeners on the status of New Markets Tax Credit Extension legislation; shares encouraging words of support for the historic tax credit from Congressman Brian Higgins; discusses the ongoing debate over the state historic and low-income housing tax credits in Missouri; reviews a bill that would extend the investment tax credit to offshore wind power projects; discusses two reports about the domestic renewable energy industry; examines the inflation-adjusted low-income housing tax credit and tax-exempt bond caps for 2012; reviews a sign-on letter being circulated by the affordable housing community; mentions a White House affordable housing event; and discusses HUD's future research plans.

Michael J. Novogradac, CPA, discusses an update on the Super Committee's progress; summarizes legislation introduced to amend historic tax credit rules to allow local governments rehabilitate aging public schools; discusses a report about how to implement solar PV projects on historic buildings; reviews the findings of a report that found that a one-year extension of the Section 1603 cash grant exchange program would support more than 37,000 jobs in 2012. Then he shares some comments made last week by government leaders regarding the need for additional political support for renewable energy; summarizes briefly the possible effects of tax reform on the low-income housing tax credit; discusses disaster relief provided to certain low-income housing tax credit properties in Pennsylvania; and shares a synopsis of what tax reform could mean for new markets tax credit yields and previews one of the special events planned for this week's New Markets Tax Credit Investors Conference.

Michael J. Novogradac, CPA, discusses a confidential, leaked draft of the Volcker Rule and what it means for the low-income housing tax credit, new markets tax credit, historic tax credit and renewable energy tax credit communities. Then he shares an update on the economic substance doctrine. Next, he reviews IRS guidance regarding the federal income tax treatment of the receipt of excessive payments under Section 1603. He also discusses a Congressional Research Services report that warns Congress not to let tax incentives for wind production expire. Then, he discusses legislation that would exempt formerly homeless youth who attend school full-time from the low-income housing tax credit's student rule. Next, he reviews the new markets tax credit QEI Issuance Report and gives one last reminder about this week's QEI issuance deadline. Finally, he provides updates about state historic tax credits in Missouri and Indiana.

Michael J. Novogradac, CPA, discusses the status of the federal budget and upcoming guidance expected from the Federal Accounting Standards Board that will significantly affect the real estate industry. In the low-income housing tax credit discussion, he reviews HUD's final 2012 fair market rents, HUD's plan to release income limit data each year on December 1, and the latest IRS LIHC Newsletter. Then he discusses testimony he gave at last week's IRS hearing on proposed changes to the new markets tax credit regulations. Next, he looks at some of the last loan guarantees finalized under the Section 1705 program, and the findings of a report about the size of the U.S. solar markets. Finally, he invites listeners to nominate historic tax credit projects for a Development of Distinction award and provides an update on the latest developments in Missouri. '

Michael J. Novogradac, CPA, discusses the Deficit Reduction Super Committee's hearing on tax reform; the status of the federal budget; and recent and upcoming congressional hearings. Then, he discusses the status of support in Congress for the New Markets Tax Credit Extension Act. In the historic tax credit segment, he provides a state level update on the latest developments Missouri. Next, he reviews the status of HUD funding for fiscal year 2012, and discusses redevelopment agency funding in California. Finally, he discusses a joint hearing on the intersection of energy policy and tax policy that was held last week. He also discusses a Senate bill introduced last week to accelerate the depreciation schedule for energy-efficient roofs and shares highlights from a report that found that solar companies are hiring faster than the rest of the economy

Michael J. Novogradac, CPA, considers what President Obama's deficit reduction plan may mean for tax credits; shares an update on the Deficit Reduction Super Committee; discusses the status of the federal budget; highlights items of interest in the IRS's Priority Guidance plan; shares remarks about eliminating tax expenditures from a recent Senate Finance Committee hearing; and discusses a Ways and Means hearing about economic models used to score tax reform legislation. Then, he discusses the Healthy Food Financing Initiative and analyzes the latest QEI Issuance report released by the CDFI Fund. Next, he reviews a bill introduced last week to extend Midwestern Disaster Tax Credits. Then, he summarizes an IRS notice giving emergency LIHTC relief to properties in Vermont. Finally, he previews a joint hearing on the intersection of energy policy and tax policy and provides a quick update on a change to Oregon's Business Energy Tax Credit.

Michael J. Novogradac, CPA, reviews President Obama's job proposals and an update on tax patent legislation. Then he discusses Senate Democrats' call to expand the new markets tax credit and shares highlights from a New Markets Tax Credit Coalition fact sheet about the new markets tax credit's impact on job creation. He also reminds listeners about an important QEI issuance deadline and summarizes the provisions of the new Oregon state new markets tax credit. Next, he discusses HUD's Multifamily Energy Efficiency Pilot Program and the status of the White House Domestic Policy Council's rental alignment initiative. In the renewable energy tax credit section, he mentions two reports published by Standard & Poor's about the renewable energy industry and discusses a column by Kansas Governor Sam Brownback where he expresses his support for the renewable energy production tax credit. Finally, in the historic tax credit segment, he shares updates on the status of the Historic Boardwalk Hall case and the status of M

Michael J. Novogradac, CPA, discusses what we can expect from Capitol Hill as Congress reconvenes, President Obama proposes job-boosting measures and the Super Committee continues to ramp up. He also shares details about the Journal of Tax Credits' 3rd Annual Developments of Distinction Awards. Then, he discusses HUD's collection of data about low-income housing tax credit property residents. He also shares new research about states' preferences for supportive housing and discusses North Dakota's new Housing Incentive Fund. Then, he previews Novogradac & Company's Section 1603 Safe Harbor Webinar, and discusses new research that shows that the U.S. was a net exporter of solar in 2010, as well as new analysis of the global energy investment market. Next, he discusses the historic preservation community's response to Hurricane Irene. Finally, he discusses Congressman Richard Neal's scheduled keynote address at Novogradac & Company's New Markets Tax Credit Investors Conference; shares some new remarks made by Se

Michael J. Novogradac, CPA, discusses a jobs proposal President Obama is expected to unveil in the coming weeks. He also discusses an OMB memo asking federal agencies to provide 5 and 10 percent cuts in their fiscal year 2013 budget requests; highlights and trends of HUD's proposed FY 2012 fair market rents; the revised MAP Guide; record-setting demand for FHA-insured financing; and TCAC's cost containment forums. Then, he examines a letter from the Governors Wind Energy Coalition that calls for a seven-year extension for the renewable energy production and investment tax credits and shares remarks in support of the PTC made by Congressman John Dingell. Next, he summarizes a new OCC fact sheet about the historic tax credit and describes the new programs that officials in Michigan describe as replacements for the state's recently eliminated brownfield and historic tax credit programs. Finally, he discusses Senator Maria Cantwell's comments in support of extending the new markets tax credit, and previews the NM

Michael J. Novogradac, CPA, discusses the IRS's Industry Issue Resolution program; proposed 2012 fair market rents; applications for approximately $1 million in GO Zone tax credits in Louisiana; remarks about the renewable energy production tax credit made by presidential hopefuls during a recent straw poll in Iowa; a QEI issuance reminder for 9th round new markets tax credit applicants; and a new feature on the National Park Service's web site.

Michael J. Novogradac, CPA, discusses the members appointed to the Joint Select Committee on Deficit Reduction, and an update on the ongoing discussions about tax reform. Then, he discusses the IRS's updated procedures and resources for its Tax Exempt Bond Voluntary Closing Agreement Program, and the invitation for public input on new options for selling single-family real estate owned properties held by Fannie Mae and Freddie Mac and the Federal Housing Administration. He also shares two state-level updates: one about redevelopment agencies in California and another about the new Louisiana Housing Corporation. He also discusses the CDFI Fund's Health Food Financing Initiative; applications for Maryland's state historic preservation tax credit; and the formation of a task force that will serve as the central managing office for the development of large-scale renewable energy projects for the United States Army.

Michael J. Novogradac, CPA, discusses key dates ahead for the deficit reduction efforts in Washington, D.C. Then he summarizes new information about the 2011 new markets tax credit allocation applicants. He also discusses two bills introduced last week that would expand the use of new markets tax credits and examines the latest QEI issuance report. In the historic tax credit segment, he provides an update on the IRS appeal in the Historic Boardwalk Hall case and discusses efforts in Missouri to significantly limit the state historic tax credit. In the low-income housing tax credit discussion, he summarizes IRS guidance that will provide relief to bond issuers and the affordable housing community. He also discusses the developments of a recent lowincome housing tax credit stakeholder meeting. And finally, in the renewable energy tax credit section, he discusses a market report that indicates a rebound in the wind energy sector, as well as a new federal report on energy investments and subsidies.

Michael J. Novogradac, CPA, discusses the debt limit developments in Washington, D.C. He also discusses the efforts of the Rental Policy Working Group, highlights from NCSHA's 2009 low-income housing tax credit utilization data, findings of a cost analysis of permanent supportive housing, and Novogradac & Company's plans to celebrate the 25th anniversary of the low-income housing tax credit. In the historic tax credit segment, he gives a quick update on the IRS appeal in the Historic Boardwalk Hall case and shares details about the next meeting of the Advisory Council on Historic Preservation. Then, he discusses the provisions of the bipartisan New Markets Tax Credit Extension Act of 2011. And finally, he discusses an upcoming congressional hearing on energy tax policy, the introduction of the Geothermal Tax Parity Act of 2011, and the provisions of Oregon's Renewable Energy Resource Equipment Manufacturing Facility Tax Credit.

Michael J. Novogradac, CPA, discusses the status of tax reform and deficit reduction talks in Washington, D.C. He also discusses the Affordable Housing Tax Credit Coalition's rebuttal of Senator Coburn's proposal to eliminate the low-income housing tax credit; the latest edition of the IRS's Low Income Housing Credit Newsletter; an announcement about the Novogradac New Markets Tax Credit Mapping Tool which has been updated to include USDA Food Desert data; the extended nomination window for then Novogradac Community Development Foundation's 4th Annual Community Development Awards; the provisions of the Historic Homeownership Revitalization Act; a state level update regarding the Missouri historic tax credit; the provisions of legislation introduced last week to provide tax credits for investment in offshore wind energy; a report that analyzed the clean economy of the nation's 100 largest metropolitan areas.

Michael J. Novogradac, CPA, discusses the status of tax reform and deficit reduction talks in Washington, D.C. He also discusses a bill that would eliminate several tax expenditures; an IRS report about post-issuance tax-exempt bond compliance; relief for LIHTC properties in North Dakota; a TCAC memo regarding cost containment; legislation that would reinstated the stalled PACE program; renewable energy tax equity finance estimates; the formation of the first Congressional Biomass Caucus; deadline reminder for NMTC allocation applicants; and a task force reviewing Oklahoma's state tax credits.

Michael J. Novogradac, CPA, discusses the status of tax reform and deficit reduction talks in Washington, D.C. He also reviews IRS comment invitations related to the LIHTC; shares news of the enactment of Hawaii's state level LIHTC cash grant exchange program; and discusses California's second LIHTC application round and the elimination of redevelopment agencies. Next, he provides more information about Section 1603 project audits being conducted by the Office of the Inspector General; reviews an OCC newsletter intended as a guide for national banks seeking to invest in solar energy projects; and discusses the findings of "U.S. Solar Market Trends 2010." Then, he reviews the provisions of the Creating American Prosperity through Preservation Act of 2011 and its prospects for passage. Finally, he invites NMTCfinanced businesses to sign on to a letter in support of an extension for the new markets tax credit program and examines the most recent QEI Issuance Report.

Michael J. Novogradac, CPA, discusses the status of tax reform and deficit reduction talks in Washington, D.C. and rumors of Sec. Timothy Geithner's exit from Treasury. He reviews the changes to HUD's 2011 income limits. Next, he reviews Treasury guidance on Section 1603 solar projects, summarizes the Renewable Energy Parity Act, discusses Oregon's elimination of the Business Energy Tax Credit and updates listeners on the Rural Energy for America Program. He reminds listeners about the opportunity to comment on proposed NMTC regulations. Finally, he shares positive state historic tax credit news from Ohio and Maine.

Michael J. Novogradac, CPA, discusses the status of deficit reduction talks in Washington, D.C. Then, he reviews a call to action from the Housing Advisory Group, a report from the Federal Housing Finance Agency about Fannie Mae and Freddie Mac, and the future of Texas's low-income housing tax credit allocating agency. Next, he shares the latest news about the 9th round of NMTC applications as well as a new call for the extension of the New Markets Tax Credit in the Senate. He also reviews some of the findings of a report about trends in solar demand, manufacturing and pricing. Finally, he discusses a recent ruling from the U.S. Court of Appeals about a case involving a fa'ade easement deduction.

Michael J. Novogradac, CPA, discusses the status of deficit reduction talks in Washington, D.C. Then, he shares several announcements related to low-income housing tax credits being used to provide relief to the victims of recent storms, tornadoes and flooding that have devastated numerous states. Next, he review the new resources made available last week to New Markets Tax Credit applicants. In the renewable energy tax credit discussion, he shares some of the findings of a report about the production tax credit and its effect on non-renewable energy sources in windier states. And finally, in historic tax credit news, he gives a quick update on the status of historic tax credit modernization legislation.