Below please find daily updates pertaining to the latest in financial, business, and tax news:
Novogradac & Company LLP - Affordable Housing Resource Center Breaking NewsFHFA SETS NEW HOUSING GOALS FOR FANNIE, FREDDIE
The Federal Housing Finance Agency (FHFA) announced today that it has sent a final rule to the Federal Register that establishes its 2010 to 2011 housing goals for Fannie Mae and Freddie Mac ...
WISCONSIN SECTION 1602 GRANTEES REMINDED OF 30 PERCENT TEST DEADLINE
The Wisconsin Housing and Economic Development Authority (WHEDA) today circulated a memorandum regarding the 30 percent test to be utilized by owners of projects that have received an award of Section 1602 funds ...
PERAB SENDS REPORT ON TAX REFORM OPTIONS TO PRESIDENT
The Internal Revenue Service (IRS) today invited public comment regarding PS-19-92 (Final) Carryover Allocations and Other Rules Relating to the Low-Income Housing Credit, TD 9420 - Section 42 Utility Allowance Regulations Update ...
PERAB SENDS REPORT ON TAX REFORM OPTIONS TO PRESIDENT
The President's Economic Recovery Advisory Board (PERAB) today voted unanimously to present the tax reform subcommittee's "Report on Tax Reform Options: Simplification, Compliance and Corporate Taxation," to President Barack Obama ...
OTHER PROGRAM OPTION ADDED TO RENT & INCOME LIMIT CALCULATOR
Novogradac & Company LLP's Rent & Income Limit Calculator has been updated to include an "Other Program" option ...
HUD FINAL RULE PROHIBITS REQUIRED ESCROWING OF TAX CREDIT EQUITY
The U.S. Department of Housing and Urban Development (HUD) released its final rule today on the prohibition of the escrowing of tax credit equity ...
INDIANA SECTION 1602 GRANTEES REMINDED OF 30 PERCENT TEST DEADLINE
The Indiana Housing and Community Development Authority (IHCDA) last week released forms for the 30 percent test to be utilized by owners of projects that have received an award of Section 1602 funds ...
IRS INVITES COMMENTS ON FORM 8877
The Internal Revenue Service (IRS) is soliciting comments concerning Form 8877, Request for Waiver of Annual Income Recertification Requirement for the Low-Income Housing Credit, as part of an ongoing information collection ...
SECTION 1602 GRANTEES REMINDED OF 30 PERCENT TEST DEADLINE
The California Tax Credit Allocation Committee (TCAC) announced today that it is preparing forms for the 30 percent test to be utilized by owners of projects that have received an award of Section 1602 funds ...
IRS INVITES GUIDANCE ON SEVERAL LIHTC REGULATIONS
The Internal Revenue Service (IRS) today invited comments concerning existing final regulations, Treasury Decision (T.D.) 8430, Procedure for Monitoring Compliance With Low-Income Housing Credit Requirements; T.D. 8521, Rules To Carry Out the Purposes of Section 42 and for Correcting Administrative Errors and Omissions; and T.D. 8859, Compliance Monitoring and Miscellaneous Issues Relating to the Low-Income Housing Credit ...
Novogradac & Company LLP - New Markets Tax Credit Resource Center Breaking News
CDFI FUND INVITES PUBLIC COMMENT ON NMTC APPLICATION
The Community Development Financial Institutions (CDFI) Fund today invited comments concerning the New Markets Tax Credit (NMTC) Program allocation application...
HUD FINAL RULE PROHIBITS REQUIRED ESCROWING OF TAX CREDIT EQUITY
The U.S. Department of Housing and Urban Development (HUD) released its final rule today on the prohibition of the escrowing of tax credit equity...
FIRST APPLICATION ROUND OPENS FOR OHIO'S STATE NMTC PROGRAM
Gov. Ted Strickland and Ohio Department of Development Director Lisa Patt-McDaniel today announced the opening of the first application period for the Ohio New Markets Tax Credit (NMTC) program...
BILL WOULD ALLOW NMTCs TO OFFSET ALTERNATIVE MINIMUM TAX
The Community Development Financial Institutions (CDFI) Fund today invited comments on its CDFI/CDE Project Profile web form ...
COMMENTS INVITED ON CDFI/CDE PROJECT PROFILE FORM
The Community Development Financial Institutions (CDFI) Fund today invited comments on its CDFI/CDE Project Profile web form ...
2010 NMTC APPLICANTS REMINDED OF ELIGIBILITY DEADLINE
Organizations that applied for the 8th round of new markets tax credits (NMTCs) and that have previously received an NMTC allocation (or whose affiliates have previously received an NMTC allocation) are reminded of today’s deadline to meet the qualified equity investment (QEI) threshold ...
LAWMAKERS PROPOSE SPECIAL NMTC ALLOCATION FOR GULF COAST
Last week, Sen. Mary Landrieu, D-La., and a bipartisan group of lawmakers announced a package of tax incentives to provide relief for struggling small businesses hit hard by the oil spill ...
IRS INVITES PUBLIC COMMENT ON NMTC RECAPTURE EVENT FORM
The Internal Revenue Service, as part of the Treasury Department's continuing effort to reduce paperwork and respondent burden, today invited public comments concerning Form 8874-B, Notice of Recapture Event for New Markets Credit...
CDFI INVITES COMMENTS ON CAPITAL MAGNET FUND APPLICATION
The Community Development Financial Institutions (CDFI) Fund today invited comments concerning the Capital Magnet Fund (CMF) application ...
TAX EXTENDERS BILL DEFEATED IN SENATE
The Senate yesterday failed to pass H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010, also known as the tax extenders bill. The bill was defeated 57 to 41, three votes short of the majority it needed to pass ...
Novogradac & Company LLP - Renewable Energy Tax Credit Center Breaking News
SAMPLE ANNUAL REPORT FOR SECTION1603 PROGRAM AVAILABLE
The Treasury Department yesterday posted a sample annual performance report and certification for the Section 1603 renewable energy tax credit cash grant program ...
DRAFT OF DOMESTIC MANUFACTURING AND ENERGY JOBS ACT OF 20100 RELEASED
Ways and Means Committee Chairman Rep. Sander Levin, D-Mich., released the draft legislative text of the Domestic Manufacturing and Energy Jobs Act of 2010 today ...
ACT INTRODUCED TO INCREASE PTC, TEBS FOR THERMAL ENERGY
Congresswoman Betty McCollum, D-Minn, and Sens. Al Franken, D-Minn., and Kit Bond, R-Mo., on July 21 introduced H.R. 5805, the Thermal Renewable Energy and Efficiency Act of 2010 ...
TREASURY PROVIDES MORE GUIDANCE ON BEGINNING OF CONSTRUCTION FOR SECTION 1603 PROGRAM
On June 25 the Treasury Department posted additional guidance regarding the regarding the beginning of construction and eligibility for the Section 1603 renewable energy tax credit cash grant program ...
ALASKA ESTABLISHES RENEWABLE ENERGY PRODUCTION TAX CREDIT
Gov. Sean Parnell signed two bills today to establish a statewide energy policy that will stimulate Alaska's economy by attracting renewable energy investment ...
EXTENSION OF SEC. 1603 GRANT PROPOSED FOR EXTENDERS BILL
Sen. Maria Cantwell, D-Wash., proposed an amendment to the pending tax extenders bill, that would extend Section 1603 renewable energy tax credit cash grant program through the end of 2012 ...
SENATORS INTRODUCE SEAM ACT TO EXPAND 48C TAX CREDITS
Sens. Sherrod Brown, D-Ohio, Charles Schumer, D-N.Y., Jeff Merkley, D-Ore., Robert Casey, D-Pa., and Kay Hagan, D-N.C., yesterday introduced legislation to expand and improve the Advanced Energy Manufacturing Tax Credit (48C) program ...
OHIO CONSIDERS WIND AND SOLAR TAX CHANGES
Lawmakers in Ohio are expected to consider two bills aimed at making Ohio's tangible personal property tax on generation for wind and solar projects competitive with other states ...
BILL INTRODUCED TO EXTEND ENERGY MANUFACTURING TAX CREDIT
Rep. Phil Hare, D-Ill., last week introduced H.R. 5041, the Security in Energy and Manufacturing (SEAM) Act, legislation to extend and improve the Advanced Energy Manufacturing Tax Credit program ...
CALIF. TO EXCLUDE SECTION 1603 GRANTS FROM TAXABLE INCOME
Lawmakers yesterday passed S.B. 401, a bill to conform state tax law to federal changes made since 2005 ...
Recent News
Community Action Team, joined by Congressman David Wu, Celebrate NCAF-ExxonMobil Grant Award
On June 21, 2010 Community Action Team (CAT), St. Helen's Oregon celebrated its $300,000 grant award from the NCAF/ExxonMobil Weatherization Training Partnership with a ceremony that was well attended by congressional delegates, board members from partner organizations, contractors and trainers - demonstrating true collaboration.
Pub Date:Mon, 06/21/2010
NCAF-ExxonMobil Grantee Launches Weatherization Training Television
Montana State University (MSU) celebrated the launch of its television network that will train weatherization workers across the nation. Using funds from their NCAF/ExxonMobil Partnership grant, MSU will expand training for weatherization workers across the United States, through their high-quality television show which is web-based. The show, called WxTV, is produced at the Montana Weatherization Training Center, but incorporates footage and experts from around the country. Six episodes have been produced so far, but the grant funds will enable production of a total of 36 episodes.
Pub Date:Wed, 06/02/2010
Association for Energy Affordability Recognize NCAF/ExxonMobil for Grant Award
The Association for Energy Affordability Inc. (AEA), held an event on May 21, 2010 at their Bronx, NY training center to recognize the $800,000 grant award from the NCAF/ExxonMobil Weatherization Training Partnership.
Pub Date:Fri, 05/21/2010
Senator Reid, Mayor Sparks Recognize NCAF/ExxonMobil Grant Project
On April 12, 2010 the NCAF/ExxonMobil Weatherization Training Partnership was recognized for it's grant of $500,000 to Community Services Agency ( CSA ) in Reno, Nevada. CSA has long been a leader in weatherization for low income families in Northern Nevada and has used their grant award to partner with Truckee Meadows Community College to provide weatherization training to prepare workers for sustainable careers in the growing field of energy efficiency and weatherization.
Pub Date:Mon, 04/12/2010
Philadelphia Mayor Launches ExxonMobil-Funded Weatherization Training Program and Center
On 9th March 2010, Mayor Michael Nutter joined the National Community Action Foundation (NCAF) and ExxonMobil to award Philadelphia?s Energy Coordinating Agency (ECA) a grant from the NCAF/ExxonMobil Weatherization Training Partnership to establish an apprenticeship model for weatherization technicians. This event also celebrated the opening of ECA's John S. and James L. Knight Green Jobs Training Center.
Pub Date:Tue, 03/09/2010
The National Community Action Foundation/ExxonMobil Weatherization Training Partnership has selected the following organizations as recipients of grant funds to support their training of workers for careers in energy efficiency. These grant recipients proposed the most innovative approaches and partnerships to enhance training for workers delivering weatherization services.
? Action Housing Inc., Pittsburgh, PA
? Energy Coordinating Agency, Philadelphia, PA
? Indiana Community Action Association, Indianapolis, IN
? Community Services Agency, Reno, NVPub Date:Tue, 11/03/2009
CLEVELAND, OHIO – U.S. Sen. Sherrod Brown (D-OH) joined the National Community Action Foundation (NCAF) and ExxonMobil to announce funds that will be awarded to the Ohio Green Workforce Training Partnership through an inaugural grant from the NCAF ExxonMobil Weatherization Training Partnership.
Pub Date:Fri, 08/14/2009
WASHINGTON, DC, July 29 ? The National Community Action Foundation?s today released a Request for Proposal (RFP) seeking programs to train weatherization workers that utilize creative curricula, innovative partnerships and cutting edge technologies through the NCAF ExxonMobil Weatherization Training Partnership. The RFP was released at the U.S. Department of Energy?s 2009 National Weatherization Training Conference in Indianapolis, Indiana.
Pub Date:Wed, 07/29/2009
NCAF Busting Weatherization myths
The National Community Action Foundation (NCAF) has released a document sorting fact vs. fiction with regard to the stimulus dollars going to the Weatherization Assistance Program.
Pub Date:Fri, 07/17/2009Link:/sites/default/files/pdfs/weatherization_myths.pdf
Bradley Weighs in on Weatherization Funds
NCAF Executive Director David Bradley spoke to CBS Evening News correspondent Wyatt Andrews about the issues surrounding release of stimulus dollars for the Weatherization Assistance Program.
Pub Date:Mon, 06/08/2009Source:CBS Evening NewsLink:http://www.cbsnews.com/video/watch/?id=5073914n&tag=contentMain;contentBody
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Health Care Reform Insights
FY2011 Medicare Payment Update for Skilled Nursing Facilities
The Centers for Medicare & Medicaid Services (CMS) recently issued the notice Prospective Payment System and Consolidated Billing for Skilled Nursing Facilities for FY 2011 in the July 22, 2010, Federal Register. Following are a few highlights from this notice. Market Basket Increase for FY2011 The notice provides for a full market basket increase of 2.3 percent [...]
IPPS Final Rule Includes Wage Index, Geographic Changes
The Inpatient Prospective Payment System (IPPS) final rule for federal fiscal year 2011 published in the August 16, 2010, Federal Register included changes related to the wage index and related geographic reclassifications. Its wage index provisions did not change significantly from the proposed rule. The primary emphasis of the wage index changes this year relates [...]
Governmental Hospitals Unsure About New Filing Requirements
While the new reporting requirements under Internal Revenue Code Section 501(r) affect 501(c)(3) hospitals, governmental hospitals are unsure whether 501(r) applies to them. Many governmental hospitals have dual-exempt status under 501(c)(3), and 501(r) indicates that all hospitals with 501(c)(3) status are required to comply with the new reporting requirements. In IRS Notice 2010-39, the IRS [...]
Final Rule Released for Electronic Health Record Funding
On July 13, 2010, the Centers for Medicare & Medicaid Services (CMS) issued its final rule implementing provisions of the American Recovery and Reinvestment Act of 2009 regarding incentive payments to eligible hospitals and professionals. CMS received more than 2,000 comments on its January 13, 2010, proposed rule. While CMS did not make dramatic changes from [...]
Health Care Reform Affects Inpatient Hospital Reimbursement
When the 2011 Inpatient Prospective Payment System (IPPS) proposed rule was released May 4, 2010, it was noted throughout the provisions that the Patient Protection and Affordable Care Act and Health Care and Education Reconciliation Act of 2010, known collectively as the Affordable Care Act (ACA), were not included. On July [...]
Immediate Impact of the Affordable Care Act on Outpatient PPS Hospital Payments
On July 15, 2010, the Centers for Medicare & Medicaid Services (CMS) issued Change Request 7029 (CR 7029), which outlines changes appearing in upcoming Federal Register notices as a result of the Patient Protection and Affordable Care Act and Health Care and Education Reconciliation Act of 2010, collectively known as the [...]
New Timely Filing Requirements for Medicare Fee-for-Service Claims
The Patient Protection and Affordable Care Act (PPACA), signed into law March 23, 2010, establishes new timely filing provisions for filing Medicare fee-for-service (FFS) claims (including Medicare Part A and Medicare Part B services), which could significantly affect health care providers. Under the new law, claims for services furnished on or after January 1, 2010, must [...]
Accounting for EHR Projects & Agreements
Congress has included new Medicare payment incentives for hospitals and other providers under the Health Information Technology for Economic and Clinical Health Act. These incentives are designed to encourage the adoption of comprehensive electronic health record (EHR) systems. Many hospitals will undergo expensive software implementation projects over the next few years as EHR readiness deadlines [...]
Clock Is Ticking on Therapeutic Discovery Project Credit
The Therapeutic Discovery Project Credit (TDPC) was established under Section 48D of the Internal Revenue Code as a result of Section 9023(a) of the Patient Protection and Affordable Care Act of 2010 (the Affordable Care Act). This credit may provide significant value to small and midsize (up to 250 employees) biotechnology and life sciences [...]
Health Care Reform Brings New Requirements for Tax-Exempt Hospitals
Under the Patient Protection and Affordable Care Act, tax-exempt charitable hospital organizations must comply with several new requirements to maintain their tax-exempt status. The additional requirements apply to organizations recognized as 501(c)(3) that operate a facility required by a state to be licensed, registered or [...]
