Novogradac & Company Llp

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.

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.