In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, begins by talking about the president’s budget request for fiscal year 2016 and what his proposals could mean for the tax credit community. Then, he discusses the Congressional Budget Office’s budget and economic outlook for the years 2015 through 2025. He also talks about the new subcommittee leaders of the Senate Banking, Housing and Urban Affairs Committee. In the low-income housing tax credit section, he discusses the Housing Trust Fund interim rule that HUD published last week. He also discusses the estimated allocations from the Housing Trust Fund, as projected by the National Low-Income Housing Coalition. In related news, he briefly mentions a bill that was introduced in Congress that would prevent Fannie Mae and Freddie Mac from funding the Housing Trust Fund and Capital Magnet Fund while they’re under conservatorship. Next, he provides information about a webcast and a webinar that are coming up this week on tax exempt bonds and low-income housing tax credit compliance. He closes the section with news of Buzz Roberts, who is leaving the U.S. Treasury Department to head the National Association of Affordable Housing Lenders. In new markets tax credit news, he shares some details about a new bill that’s about to be introduced that would make the new markets tax credit a permanent part of the tax code. Then, he discusses a new bill in California that would create a $200 million state New Markets Tax Credit program. In historic tax credit news, he addresses a memo issued by the IRS and what it clarifies for Section 50(d) income. Following that, he shares state-level news items about the historic tax credit programs in Rhode Island and Iowa. In the renewable energy tax credit section, he discusses what Sen. Michael Bennet of Colorado recently had to say about extending the production tax credit. He closes with news of a bill that was introduced in Oklahoma to reduce the state production tax credit.
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