As our industry evolves, so do we. Click here to join the mailing list.
New Energy Efficient Home Credit (IRC §45L) Factsheet
The Inflation Reduction Act (IRA) of 2022 greatly extended and increased the New Energy Efficient Home Credit available under IRC §45L (hereinafter, the “45L Credit”). Energy efficient home builders should be aware of the new requirements under IRC §45L in order to maximize the credit available to them.
The Inflation Reduction Act of 2022
On Tuesday, August 16th, President Joe Biden signed into law The Inflation Reduction Act of 2022 (‘The Act’). The Act contains a variety of provisions, affecting health care, climate, and tax. This DOZ Insight will focus on the tax-related items included in The Act.
NOTICE: IRS Provides Additional COVID-19 Deadline Relief from LIHTC and PAB Deadlines
On January 11, 2022, the IRS issued Notice 2022-05 extending COVID-19 relief from certain requirements under § 42 of the Internal Revenue Code for qualified low-income housing projects and under §§ 142(d) and 147(d) of the Code for qualified residential rental projects.
New Schedules K-2 and K-3 for 2021 Tax Returns
For the 2021 tax year, the IRS has released new Schedules K-2 and K-3 for entities to report items of international tax relevance.
IRS Guidance on 4% Floor
The 4% floor applies to (1) any building that receives an allocation of housing credit dollar amount after December 31, 2020, and (2) any building any portion of which is financed by tax-exempt bonds issued after December 31, 2020.
State Pass-Through Entity Tax
Each state has its own unique rules regarding PTE taxes, including who it applies to, the applicable tax rate(s), estimated taxes, and by when a taxpayer needs to make this election.
Important Opportunity Zone Compliance Date
June 30, 2021 is an opportunity zone compliance measurement date.
IRS Notice 2021-17
Clarification Regarding Lease Up and Credit Calculation