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Novogradac Journal of Tax Credits Volume 14 Issue 2

Abridged version of the February 2023 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.

Journal Cover February 2023


Stephan Morgan

Tuesday, February 7, 2023

It is not at all uncommon for a development consisting of multiple buildings to be awarded a low-income housing tax credit (LIHTC) allocation. In such a project, each building will receive its own Internal Revenue Service (IRS) Form 8609, Part II of which is to be completed by the building owner/taxpayer.

Brian D. Hern

Monday, February 6, 2023

The Inflation Reduction Act (IRA) of 2022, signed into law Aug. 16, 2022, added Section 6418 to the Internal Revenue Code (IRC), which provides that, beginning in 2023, certain tax credits (eligible credits), including the energy tax credit under IRC Section 48, may be transferred by a taxable person or entity holding the property giving rise to the credit (the eligible taxpayer) to an unrelated person (the transferee taxpayer) in exchange for cash, such that the transferee taxpayer and not the eligible taxpayer is entitled to claim the credit.

Ruth Sparrow

Friday, February 3, 2023

The Community Development Financial Institutions (CDFI) Fund Dec. 5, 2022, issued revised New Markets Tax Credit (NMTC) Compliance Monitoring and Evaluation Frequently Asked Questions (December 2022) (FAQs) replacing the guidance issued effective November 2021. This article summarizes the key revisions to the FAQs and issues raised by the guidance.

Stephanie Naquin

Thursday, February 2, 2023

Eclipsed by the long-awaited final guidance for the average income test (AIT) in the form of Treasury Regulation Section 1.42-19 in October 2022 was the final adoption of the proposed amendments to Treasury Regulation Section 1.42-15 regarding the available unit rule. Before analyzing how this rule is to be applied for AIT, it is important to frame the rule itself.

Michael J. Novogradac

Wednesday, February 1, 2023

One Friday morning in March 2003, the U.S. Department of the Treasury made a landmark announcement: Sixty-six organizations had been selected to receive a combined $2.5 billion in new markets tax credit (NMTC) allocation issuance authority.

News Briefs

Tuesday, February 7, 2023

New markets tax credits news briefs for February 2023, with updates from the CDFI Fund, Maryland and more.

Tuesday, February 7, 2023

Renewable energy news briefs for February 2023, including a report about Inflation Reduction Act endeavors and personnel moves.

Tuesday, February 7, 2023

Historic tax credit news briefs for February 2023, with updates from Missouri, California and more.

Monday, February 6, 2023

Department of Housing and Urban Development updates for February 2023, including QCT, DDA and a public housing requirement about carbon monoxide monitors.

Friday, February 3, 2023

Property compliance news briefs for February 2023 with updates from Alabama, Minnesota, Ohio, Utah and more.

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