Michael J. Novogradac, CPA, updates listeners about recent and upcoming Congressional debates and votes, discusses bonus depreciation legislation introduced in the Senate and provides a heads up about a hearing on tax reform planned for next week. He then discusses favorable guidance from the IRS regarding power purchase agreements, the Section 1603 cash grant program, interesting points from the GOP's budget proposal and highlights from a recent global energy investment report. The low-income housing tax credit section includes information about a letter circulated last week by Sens. Cantwell and Snowe that seeks support for S. 1989, the California Tax Credit Allocation Committee's geographic apportionments and a follow up about post-RDA guidance issued by the California Department of Finance. In new markets tax credit news, listeners can hear about state NMTC legislation introduced in Ohio.