News

Tuesday, May 21, 2019

Legislation was re-introduced this week in a special session of the West Virginia Legislature that would allow individuals and partnerships or members of limited liability companies to exempt from state tax liability their net income directly derived from a qualified opportunity zone (OZ) businesses in the state. H.B. 113 is a variation on legislation that Gov.

Tuesday, May 21, 2019

Legislation in South Carolina went into effect this week to amend the state historic tax credit definition of rehabilitation expenses for textile mills. S. 440 defines “rehabilitation expenses” to include expenditures that include demolition, environmental remediation and site improvements at textile mill sites, but exclude the cost of acquiring the site or the cost of personal property on the site.

Monday, May 20, 2019

Legislation to give Alabama taxpayers a state capital gains tax reduction for opportunity zone (OZ) investments, as well as to allow state funds to invest into qualified opportunity funds (QOFs) passed the House of Representatives Last week. H.B. 540 now goes to the state Senate. The legislation would create a state capital gains tax reduction for QOF investments if the fund has at least 75 percent of its qualified OZ property located in Alabama.

Monday, May 20, 2019

Reps. Earl Blumenauer, D-Ore., Darin LaHood, R-Ill., Terri Sewell, D-Ala., and Mike Kelly, R-Pa., introduced the Historic Tax Credit Growth and Opportunity Act (HTC-GO) Friday to bring more value to historic tax credit (HTC) transactions and to encourage redevelopment of smaller, income-producing properties. H.R.

Friday, May 17, 2019

Colorado Gov. Jared Polis today signed legislation doubling the annual amount of state low-income housing tax credits available for allocation. H.B. 1228 increased the amount of the state LIHTC allocation from $5 million to $10 million for 2020 through 2024.

Friday, May 17, 2019

The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Monday’s Federal Register seeking permission to identify families that had their participation in a HUD rental assistance program terminated and still owe a debt to a public housing authority. HUD seeks to find out the amount of the debt, any repayment agreement, any bankruptcy filing indication and the reason the family had its tenancy terminated.

Friday, May 17, 2019

Legislation in Georgia to allow taxpayers to take the state historic tax credit up to two years after placing a certified historic structure or home into service will be effective June 1. H. 224 was signed by Gov. Brian Kemp in early May. The state HTC was previously taken in the year in which the certified rehabilitation was completed. The state HTC is scheduled to expire Dec. 31, 2024.

Thursday, May 16, 2019

Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and Ranking Member Ron Wyden, D-Ore., today formed five task forces to examine expired and expiring tax extenders. The task forces will cover workforce and community development, health taxes, energy, business cost recovery and individual excise taxes and other temporary policies. There will be a sixth task force for related issues of temporary disaster tax relief.

Thursday, May 16, 2019

The Community Development Financial Institutions (CDFI) Fund plans to publish a notice of funding and an application for the fiscal year 2019 Capital Magnet Fund (CMF) round this summer. Up to $130.8 million is expected to be available in grants for CDFIs and qualified nonprofit housing organizations to support affordable housing activities and related economic development and community service facilities. Applicants must be either a certified CDFI or nonprofit operating with a principal purpose of developing or managing affordable housing.

Tuesday, May 14, 2019

Reps. Earl Blumenauer, D-Ore., and Darin LaHood, R-Ill., today introduced the Renewable Energy Transferability Act, which would allow the transfers of the renewable energy investment tax credit and production tax credit. Provisions would apply to taxable years beginning after the date of the bill’s enactment.