Novogradac & Company Llp

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.