Novogradac & Company Llp

Michael J. Novogradac, CPA, discusses tax reform and deficit reduction talks in Washington, D.C.; highlights from the Spring New Markets Tax Credit Conference; key findings of a Novogradac & Company study that assesses the track record of the lowincome housing tax credit program; disaster relief provisions for victims of the recent flooding in Mississippi; an update on the IRS's appeal in the Historic Boardwalk Hall case; IRS guidance about the definition of "qualified property" under the Section 1603 cash grant program; and an assessment that ranks states by clean energy market indicators.

Michael J. Novogradac, CPA, discusses tax reform proposals in in Washington, D.C. the 9th new markets tax credit notice of allocation availability; NMTC regulations proposed to facilitate more non-real estate investments in distressed areas; the 2011 income limits; legislation to allow service members to exclude basic allowance for housing from income when applying LIHTC housing; FHA's new Green Refinance Program; a preview of a study scheduled for release on June 8 that assesses the track record of the LIHTC; findings of the second annual study on the economic impact of the federal historic tax credit; and highlights of testimony presented in Congress by renewable energy industry representatives.

Michael J. Novogradac, CPA, reviews testimony about the new markets tax credit given by CDFI Fund Director Donna Gambrell; summarizes changes made last week to the procedures for obtaining historic preservation certifications for rehabilitating historic structures; previews findings of the second annual study on the economic impact of the federal historic tax credit; reviews the contents of the newest LIHTC Newsletter; shares information about the latest round of HOPE VI grantees; and discusses a recently released private letter ruling that addresses the question regarding when the costs of structural components are eligible for energy tax credits.

Michael J. Novogradac, CPA, shares an update on tax reform and deficit reduction talks in Washington, D.C. Then he reviews the findings of a report about states' reporting of tax expenditures. Next, he summarizes the findings of a report that suggests the LIHTC could be used to address housing shortages at some military installations, and discusses a bill that would abolish the National Housing Trust Fund. Then, he reviews the latest NMTC Qualified Equity Investment report and announces the keynote speakers for the upcoming Spring New Markets Tax Credit Conference. Next, he discusses recent correspondence from the IRS about charitable deductions of easements, describes changes to Iowa's historic preservation tax credit, and updates listeners on the status of a bill to extend Louisiana's historic tax credit. Finally, he shares news from AWEA's wind power conference, and discusses the potential impact of an expansion of Georgia's state solar energy tax credit.

Michael J. Novogradac, CPA, discusses recent IRS comments about the economic substance doctrine and recent reports about whistleblower activity in the municipal bond market. He also shares another brief update on the budget and deficit talks taking place in Washington, D.C. Then, he discusses a bill introduced last week to extend the new markets tax credit for five years at $5 billion. Next, he examines the Department of Energy's announcement that it is wrapping up its Section 1705 loan guarantee program. In historic tax credit news, he touches on an effort to secure funding for the Historic Preservation Fund and shares state level updates about the historic tax credit programs in Michigan and Louisiana. Finally, he updates listeners on the expected timing of the release of 2011 low-income housing tax credit income limits, discusses a housing finance reform bill introduced last week in the House, and shares news about changes to the state housing agency in Florida.

Michael J. Novogradac, CPA, updates on what lies ahead for congressional lawmakers in the coming weeks. Then he discusses a new fact sheet about the renewable energy investment tax credit that has been posted online, as well as new research released by the Department of Energy's National Renewable Energy Laboratory. Next, he reviews highlights of the Joint Center for Housing Studies' latest report about the nation's rental housing and shares information at the state level about the need for affordable rental housing in Vermont and a proposed state low-income housing tax credit in Minnesota. Then he discusses legislation proposed in Louisiana to extend the state historic tax credit. Finally, he previews Novogradac & Company's upcoming new markets tax credit conference and workshops that will be held in Washington, D.C. in June.

Michael J. Novogradac, CPA, discusses an article from the Washington Examiner that is critical of the Section 1603 renewable energy cash grant program. Then he shares a state level update about the Business Energy Tax Credit (BETC) in Oregon. In the low-income housing tax credit discussion, he congratulates the winners of the Affordable Housing Tax Credit Coalition's annual awards program and shares new details about HUD's Small Area Fair Market Rent (FMR) demonstration project. In historic tax credit news, he reminds listeners who missed the webinar about the Virginia Historic Tax Credit Fund case that it's still available for download; he also shares a state level update on historic tax credit in Maryland. In new markets tax credit matters, he describes some of the features of Novogradac & Company's new NMTC Qualifying Census Tracts Mapping Tool. He closes with thoughts about what to expect when Congress returns to session next week.

Michael J. Novogradac, CPA, discusses the final figures for fiscal year 2011 funding as well as some thoughts about the upcoming congressional vote on raising the debt limit. He also shares an IRS invitation to submit suggestions for guidance projects. In renewable energy news, he summarizes the latest guidance from Treasury about the Section 1603 program. Then he talks about a letter in which the administration expresses its support for extending the placed in service deadline for GO Zone low-income housing tax credit properties. Next, he shares highlights from a recent editorial in defense of historic tax credits written by National Trust for Historic Preservation President Stephanie Meeks. And finally, in new markets tax credit matters, he examines the latest qualified equity investment report issued by the CDFI Fund.

Michael J. Novogradac, CPA, updates listeners on the federal budget for the remainder of fiscal year 2011. Then he discusses the House Republicans' proposed budget for fiscal year 2012 and the latest legislative developments on the tax reform front. In historic tax credit news, he shares a preview of Novogradac & Company's webinar about the Virginia Historic Tax Credit Fund case. He also talks about state level updates on threats to the historic tax credit programs in Michigan and Montana. Turning to renewable energy tax credits, he touches on two recent reports about the renewable energy development markets. In new markets tax credit news, he shares recent remarks made by Obama administration representatives about the NMTC program. And finally, in lowincome housing tax credit matters, shares an announcement about new research expected soon from Harvard's Joint Center for Housing Studies.

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.