On June 11, 2025, Senator Catherine Cortez Masto (D-NV) introduced S.2022, titled the Tribal Tax and Investment Reform Act of 2025 (the Bill). The bipartisan Bill, co-sponsored by Senator Lisa Murkowski (R-AK), aims to...more
The One Big Beautiful Bill Act (the “OBBBA”) preserves the federal tax exemption for all municipal bonds, including both governmental purpose and qualified private activity bonds, which state and local governments rely on to...more
Over its nearly 40-year history, the federal low income housing tax credit (LIHTC) program has been both a success story and a target for various forms of fraud. The LIHTC program has been credited with facilitating the...more
The increased interest in installing solar at affordable housing projects is not surprising given that the IRC Section 48 energy investment tax credit (ITC) could subsidize as much as 70 percent of the cost and the Inflation...more
On January 19, 2024, the House Ways and Means Committee approved the bipartisan tax legislation, “The Tax Relief For American Families and Workers Act of 2024”. Two proposed changes to Section 42 of the Internal Revenue Code...more
On October 7, 2022, Treasury issued final and temporary regulations on the income averaging rules for the low-income housing tax credit (“LIHTC”) under Section 42 of the U.S. Internal Revenue Code of 1986, as amended (the...more
The Consolidated Appropriations Act, 2021 (the CCA) became law this past Sunday. The CCA has several features of interest to the low-income housing community. 4% Deal Floor: The 4% low-income housing tax credit is worthy of...more
"There are a few ways to obtain low-income housing tax credits. Each program has stress points in making it work, so there isn’t always a clear choice. Timing is often a decisive factor."...more
On Monday, the IRS will publish final utility allowance regulations for low-income housing tax credit (LIHTC) properties under Section 42 of the Internal Revenue Code (Code)....more
The Consolidated Appropriations Act of 2018, which was signed into law on March 23, 2018, included two provisions affecting the low-income housing tax credit (“LIHTC”) program. One provision temporarily increased the total...more
Last week at the annual meeting of the American Bar Association Forum on Affordable Housing and Community Development (Forum), Michael Novey, Associate Tax Legislative Counsel, Office of Tax Policy, U.S. Department of the...more
In a previous post earlier this week, I described the proposed regulations under Section 752 of the Internal Revenue Code (the “Proposed Regulations”), and in particular, the proposed changes to the rules regarding the...more