In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, explores tax extender legislation and a request from the Treasury and Internal Revenue Service for suggestions on priority guidance in 2014 and 2015. In low-income housing tax credit news, he discusses an audit of New Mexico’s management of Section 1602 tax credit exchange program funds and the U.S. Department of Agriculture’s plan for implementing the new definition of “rural.” In new markets tax credit news, he discusses a call from Sen. Sherrod Brown of Ohio to extend the New Markets Tax Credit program and set aside funds specifically for communities affected by manufacturing job losses, and shares a letter about the New Markets Tax Credit program application process that the New Markets Tax Credit Working Group sent to the CDFI Fund. In historic tax credit news, he has information about a Mississippi bill that would have extended the state’s historic tax credit program and an Indiana bill that orders a state commission to compare the existing tax credit program to a grant program. In renewable energy tax credit news, he shares a letter from 28 Senators that asks for an extension of the 30 percent investment tax credit for solar projects to be included in any tax extenders legislation and an Iowa bill that would increase the amount of tax credits that projects can receive.
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