OPPORTUNITIES & CHALLENGES...DEFENSE/PROTECTING DECEMBER 22, 2017 President Donald Trump signs H.R....

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Transcript of OPPORTUNITIES & CHALLENGES...DEFENSE/PROTECTING DECEMBER 22, 2017 President Donald Trump signs H.R....

  • OPPORTUNITIES &CHALLENGESA RETROSPECTIVEMichael Novogradac

    @Novogradac

  • SEPTEMBER 28-30, 1994Novogradac & Company LLP hosts its first LIHTC conference in San FranciscoApproximately 120 attendees

    9/94OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • SEPTEMBER 28-30, 1994Novogradac & Company LLP hosts its first LIHTC conference in San FranciscoApproximately 120 attendees

    9/94OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • AUGUST 10, 1993President Bill Clinton signs

    Omnibus Budget Reconciliation Act of 1993. LIHTC permanent, effective

    July 1, 1992.

    Source: CSPAN Archives

    9/94OFFENSE/EXPANDING

    DEFENSE/PROTECTING

    8/93

  • 1995Republicans take control of CongressRep. Archer proposes Dec. 31, 1997 sunset of LIHTC . . . To change LIHTC from permanent to requiring annual Congressional approval.

    Source: CSPAN Archives

    9/948/93

    1995

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • 1997Bills introduced to increase LIHTC cap from $1.25 to $1.75Expansion effort begins.

    1987-2000 2002

    $1.75

    $1.25

    9/948/93

    1995

    1997

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • 1997Bills introduced to increase LIHTC cap from $1.25 to $1.75Expansion effort begins.

    ENSIGNR-NV

    JOHNSONR-CT

    1987-2000 2002

    $1.75

    $1.25

    9/948/93

    1995

    1997

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • DECEMBER 2000Community Renewal Tax Relief Act of 2000 passes, includes 40% increase in LIHTC allocations

    JOHNSONR-CT

    9/948/93

    1995

    1997

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • DECEMBER 2000Community Renewal Tax Relief Act of 2000 passes, includes 40% increase in LIHTC allocations

    JOHNSONR-CT

    % of Congress who cosponsored legislation proposing this expansion

    of House members

    86%of Senatemembers

    81%

    9/948/93

    1995

    19972000

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • JANUARY 2003President Bush proposes allowing corporations to deduct dividends paid

    9/948/93

    1995

    19972000

    2003

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • DECEMBER 31, 2005Gulf Opportunities Zone Act -$18 per capita 2006 - 2008

    9/948/93

    1995

    19972000

    2003

    2005OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • JULY 30, 2008Housing and Economic Recovery Act of 2008 further strengthens the program.States have increased flexibility to reach difficult-to-serve populations and places.

    $0

    $1

    $2

    $3

    $4

    $5

    $6

    $7

    $8

    $9

    $10

    Billi

    ons

    Per capita credit set at $1.25

    2002$1.75

    2008$2.20

    2007$1.95

    9/948/93

    1995

    19972000

    2003

    20052008OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • FEBRUARY 2009Treasury Section 1602 Tax Credit Exchange Program (TCEP) and the HUD Tax Credit Assistance Program (TCAP), both enacted as part of the American Recovery and Reinvestment Act.

    9/948/93

    1995

    19972000

    2003

    20052008

    2009

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • JANUARY 20139% floor and bonus depreciation extended.

    9/948/93

    1995

    19972000

    2003

    20052008

    2009

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    OFFENSE/EXPANDING

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  • MAY 2013Novogradac releases report on effects Tax Reform would have on Affordable Rental Housing

    9/948/93

    1995

    19972000

    2003

    20052008

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  • DECEMBER 20149% floor and bonus depreciation extended, again.

    9/948/93

    1995

    19972000

    2003

    20052008

    2009

    2013 2014

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • DECEMBER 18, 2015Protecting Americans from Tax Hike (PATH) Act of 2015.

    Source: GOPSenateFinance

    9/948/93

    1995

    19972000

    2003

    20052008

    2009

    2013 2014 2015

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • DECEMBER 18, 2015Protecting Americans from Tax Hike (PATH) Act of 2015.

    Permanent9% floor

    Bonus depreciationEXTENDED FIVE YEARS

    2015 2016 2017 2018 2019

    50% 50% 50% 40% 30%

    Source: GOPSenateFinance

    9/948/93

    1995

    19972000

    2003

    20052008

    2009

    2013 2014 2015

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • NOVEMBER 2, 2017House version of Tax Cuts and Jobs Act of 2017 introduced.Proposed repealing private activity bonds.

    Source: C-SPAN

    9/948/93

    1995

    19972000

    2003

    20052008

    2009

    2013 2014 2015

    2017

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • NOVEMBER 2, 2017House version of Tax Cuts and Jobs Act of 2017 introduced.Proposed repealing private activity bonds.

    more than half

    4 percent LIHTCs finance

    of affordable rental housing each year.

    9/948/93

    1995

    19972000

    2003

    20052008

    2009

    2013 2014 2015

    2017

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • NOVEMBER 3, 2017Novogradac releases report on likely loss of units from Tax Reform

    9/948/93

    1995

    19972000

    2003

    20052008

    2009

    2013 2014 2015

    2017

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • DECEMBER 22, 2017President Donald Trump signs H.R. 1 (the Tax Cuts and Jobs Act) into law.

    Source: C-SPAN

    9/948/93

    1995

    19972000

    2003

    20052008

    2009

    2013 2014 2015

    2017

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • DECEMBER 22, 2017President Donald Trump signs H.R. 1 (the Tax Cuts and Jobs Act) into law.

    Overall badbut could have been

    terrible

    9/948/93

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    20052008

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  • DECEMBER 22, 2017President Donald Trump signs H.R. 1 (the Tax Cuts and Jobs Act) into law.

    Lower Corporate RateInterest Expense Deductibility LimitHTC – five years

    9/948/93

    1995

    19972000

    2003

    20052008

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    2013 2014 2015

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    OFFENSE/EXPANDING

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  • TODAY – POSITIVES SO FAR

    OpportunityZones

    12.5%12.5%Increase

    IncomeAveraging

    HUD IncomeNumbers

    HUDFunding Up

    PAB Usage

    TODAY9/948/93

    1995

    19972000

    2003

    20052008

    2009

    2013 2014 2015

    2017

    OFFENSE/EXPANDING

    DEFENSE/PROTECTING

  • OPPORTUNITIES &CHALLENGESA RETROSPECTIVEMichael Novogradac

    @Novogradac

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Federal Income Tax Deductibility of Non-Business Bad Debts

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Slides Directions of Deductibility of Finance Costs in ... for deductibility of finance (costs) in Germany ... Historical development of taxation ... Safe haven for thin capitalization

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Hearing on H.R. 3963, H.R. 2125, H.R. 3950, H.R. …HISTORICAL RESOURCES IN CUMBERLAND ISLAND NATIONAL SEASHORE AND CUMBERLAND ISLAND WILDERNESS IN THE STATE OF GEORGIA H.R. 4211:

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IS 08/02: DEDUCTIBILITY OF FEASIBILITY EXPENDITURE · IS 08/02: DEDUCTIBILITY OF FEASIBILITY EXPENDITURE ... of the nature of the relevant business is ... to the business structure

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INCOME TAX – DEDUCTIBILITY OF FARMHOUSE EXPENSES · INCOME TAX – DEDUCTIBILITY OF FARMHOUSE EXPENSES . ... interest payable on farm mortgages, ... deductions are not claimed for

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H.R. REP. 94-1487, H.R. REP. 94-1487 (1976) Echeverri ...

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Tax Updates v13€¦ · Promotion's) approval for the deductibility of expenses incurred by a Nigerian company as management fee. Deductibility of management fee expenses will now

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WEEK - americanradiohistory.comTheCashBox Page4 WeekofJuly2S,1947 TABLESCOTTAND FELLOWSBILLS Sub-CommitteeofCommitteeOnTheJudiciaryDecides toTabieScott(H.R.1269;H.R.1270)andFeiiows(H.R.2570)

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