May 22, 2012

Michael J. Novogradac, CPA, discusses statements made last week by lawmakers regarding the debt ceiling, tax extenders and tax reform. Then he updates listeners on the timing of the next new markets tax credit allocation application round and reviews the provisions of a bill that would make low-population census tracts eligible for the NMTC. Next, he discusses a briefing to educate Capitol Hill staff on the benefits of the low-income housing tax credit. He also reviews proposed changes to the Section 8 program and congratulates this year's Charles L. Edson Tax Credit Excellence Award winners. In the renewable energy segment, he describes a bill that would disqualify solar panels manufactured in China from the 30 percent investment tax credit, shares Energy Secretary Steven Chu's remarks calling for an extension of the production tax credit, and provides an important reminder about the timing of applications for renewable energy projects that plan to seek Section 1603 cash Grants. Finally, he updates listeners on the Missouri state historic tax credit.