In this week's Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, starts by talking about the progress congressional lawmakers are making in finalizing a joint budget agreement. He also shares updated guidance from the Financial Accounting Standards Board on how nonprofits should present their financial statements. In the affordable housing section, he discusses how the House Appropriations Committee last week approved fiscal year 2016 allocation for funding the Departments of Transportation and Housing and Urban Development. Then, he talks about a private letter ruling released by the IRS that could affect how LIHTC developers think about eligible basis under Section 42. He also shares news about an upcoming webinar designed to help LIHTC property owners and managers avoid tax credit recapture. To close out the section, he discusses news about a national leader in affordable housing who is retiring this summer. In the new markets tax credit section, he talks about how listeners can join and contribute to the New Markets Tax Credit Working Group. In the historic tax credit section, he provides recommended practices for structuring transactions so that they satisfy safe harbor requirements. In the same section, he shares a state-level example of what can happen when tax credit investments are not structured properly. After that, he outlines some new regulations adopted for the Iowa state historic tax credit that will go into effect in a few weeks. In the renewable energy tax credit section, he discusses a bill that was introduced to phase out and repeal the federal renewable energy production tax credit. To close out this week's podcast, he talks about a recent report on how the solar industry could be in trouble if the investment tax credit is not extended.
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