Tax Credit Tuesday, Novogradac & Company LLP's audio broadcast offers an in-depth weekly look at tax credit topics. A new episode is posted by 1 p.m. Pacific Time every Tuesday.
January 19, 2021
In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, is joined by Megan Murphy, a principal in Novogradac’s Philadelphia metro office. They discuss additional funding for the Paycheck Protection Program (PPP) that was authorized by Congress. They share insight about who is eligible for a PPP loan, what expenses are eligible and how loan amounts are calculated. Next, they discuss PPP loan forgiveness and what small businesses should take into consideration when preparing a PPP loan application. They wrap up with discussion of tax considerations for small businesses that receive a PPP loan.
January 12, 2021
In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, is joined by Nicolo Pinoli, CPA, and partner in Novogradac’s Portland, Oregon, office. They start by discussing the recent five-year extension of the new markets tax credit, and how various factors can affect NMTC investment, such as Biden administration priorities and Community Reinvestment Act regulations. Next, they share insight into how industry participants are responding to the COVID-19 pandemic challenges. They wrap up with discussion of what community development entities can be doing now to prepare for the 2020 new markets tax credit awards announcement expected this summer and the opening of the 2021 allocation round.
December 29, 2020
On this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, is joined by Rich Larsen, CPA, a partner in Novogradac’s Toms River, New Jersey, office. They discuss how public housing authorities (PHAs) are being affected by the COVID-19 pandemic including challenges, innovations and how they’re handling inspections and other compliance issues. Then, they talk about the CDC’s rental eviction moratorium and how that has affected property owners and tenants. Next, they share insight into concerns affordable housing advocates have about the eviction moratorium. They then discuss issues PHAs will face in 2021 and what PHAs can do now to prepare for the years ahead. Next, they talk about trends and changes that are particular to 2020, and what PHAs should consider when looking into RAD. They wrap up with insight into the 2021 edition of the RAD Handbook, the upcoming Novogradac 2021 RAD Public Housing Virtual Conference and the January public housing authorities issue of the Novogradac Journal of Tax Credits.
December 22, 2020
In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, and Peter Lawrence, director of public policy and government relations at Novogradac, discuss the $1.4 trillion omnibus fiscal year 2021 spending bill, which includes a permanent minimum 4% low-income housing tax credit (LIHTC) rate, a five-year extension of the new markets tax credit (NMTC) and an extension of phase-down provisions for the renewable energy investment tax credit (ITC) and production tax credit (PTC). They also discuss the $900 billion COVID-19 relief bill, which includes $25 billion in emergency rental assistance and an extension of the Center for Disease Control’s federal eviction moratorium through Jan. 31, 2021. The year-end omnibus legislation will permanently establish the 4% minimum LIHTC rate and include a $1.1 billion allocation of disaster LIHTCs for 11 states and Puerto Rico. The legislation will extend the NMTC–which is currently set to expire with the calendar-year 2020 round–through the calendar-year 2025 round. The PTC will be extended one year at a 40% rate and the ITC will have two extra years as a 26% credit. The COVID-19 relief legislation also includes a reopening of the Paycheck Protection Program, $600 in stimulus checks to individuals and $300 in weekly federal unemployment benefits.
December 15, 2020
In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, and Peter Lawrence, director of public policy and government relations at Novogradac, discuss year-end legislation in Congress, including a continuing resolution to fund the government into 2021 and a potential COVID-19 relief bill. They start by discussing the chances for provisions to extend or expand community development tax incentives to be included in continuing resolution legislation. Then, they talk about highlights of the latest proposed COVID-19 relief bill and the chances of community development and affordable housing provisions being attached to it. Next, they share insight into President-elect Biden’s nominations to lead the Treasury and U.S. Department of Housing and Urban Development. They wrap up by discussing what to look out for in the weeks leading up to inauguration day for President-elect Joe Biden.
December 8, 2020
In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA discusses what you need to know about national and state median income estimates for 2021 and 2022. He is joined by Thomas Stagg, CPA, and partner in Novogradac’s metro Seattle office. They start by sharing background information on median income and income limits, how they’re calculated and what they’re used for. Then, they talk about estimates for how median incomes and income limits will change in 2021 and 2022, and if there will be any significant changes because of the pandemic. Next, they discuss how median incomes and income limits might change in 2023. They also cover how changes in median income and income limits due to the pandemic and related recession compare to changes caused by the Great Recession in 2008. Next, they discuss what developers, owners and investors should be doing to prepare for the potential changes in median incomes and income limits. They wrap up by discussing the gross rent floor and net rents and how they interact.
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