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Tax Credits Finance Update - June 27, 2017

Tax Credits Finance Update
June 27, 2017
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Tax Credits Finance Update


NMTC Coalition Releases 2017 Progress Report
The New Markets Tax Credit Coalition has released its 2017 New Markets Tax Credit Progress Report, providing a survey of NMTC activities in 2016. The report documents the flexibility and impact of the NMTC in meeting the needs of the distressed communities where it is deployed.

House Clears Bill Extending Nuclear Tax Credit
The bill, which would cost $16 million over 10 years, could benefit the only two nuclear projects under construction in the United States by removing the requirement that a nuclear plant be placed in service by the end of 2020 to be eligible for the tax credit.

FL Doubles Brownfield Cleanup and Redevelopment Tax Credits
Innovative Florida environmental site cleanup and brownfield programs received a boost as the 2017 regular session of the Florida Legislature concluded. New legislation will add flexibility and quicken the pace of petroleum and drycleaner site cleanup.

Research and Development Tax Credit Proposal Introduced
Highlights include increasing the Alternative Simplified Credit (ASC) from 14% to 20% and assisting new firms by allowing the credit to be equal to 10% (up from 6%) of the taxpayer's qualified research expenses for the year.

The Future of the LIHTC Remains Uncertain
When Donald Trump was elected president and the Republican party maintained control of both chambers of Congress, comprehensive tax reform suddenly became a real possibility. Consequently, the low-income housing tax credit (LIHTC) market experienced a jolt of uncertainty that is affecting affordable housing deals from coast to coast.

MN Passes First of Its Kind Beginning Farmer Tax Credit
It's a historic win for beginning Minnesota farmers as a first in the nation land access bill was signed by Governor Mark Dayton. Authored by Rep. Nels Pierson and Sen. Mike Goggin, the bill supports the transition of land to young and beginning farmers through a tax credit incentive.

MA Senate Working to Trim State Film Tax Credit
Budget analysts from the left and right agree the film tax credit is not worth the high cost. This year, the Massachusetts Senate is making an effort to trim an estimated $14 million to $15 million from the $80 million set aside for this state-sanctioned credit.

VA Historic Tax Credit May be Modified to Include Schools
The School Infrastructure Modernization Act, introduced May 17, seeks to amend "the federal historic rehabilitation tax credit to apply to school buildings that continue to operate as schools," according to a news release from Sen. Kaine's office.

Federal Infrastructure Tax Credit Legislation Makes Key Changes from 2015 Proposal
Sens. John Hoeven, R-ND, and Ron Wyden, D-OR, reintroduced bipartisan legislation to establish a program to spur infrastructure investment using P3s through the creation of Move America Bonds and Move America Credits.

DC Eyes Tax Credit for Investment in Afordable Housing
If passed, it would create a one-year pilot tax credit program for investments made into Community Development Financial Institutions (CDFIs) for the purpose of financing affordable housing projects. Individuals, corporations and foundations would be eligible to receive a 33 percent district tax credit for every dollar invested.

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State Tax Credits to Create $14.8M in New OH Payroll
Ohio Office of the Governor | Jun. 23 | Tax Credits

New MO Audit Examines Revenue Loss of Tax Credit Programs
Springfield News-Leader | Jun. 22 | Tax Credits

Lawmakers Pushing to Preserve Billions in Tax Credits for Nuclear Plants in GA and SC
The Atlanta-Journal Constitution | Jun. 19 | Energy Finance | Tax Credits | Incentives

MO Housing Tax Credits are Important to St. Louis
Springfield News-Leader | Jun. 17 | Tax Credits

Affordable Housing Created and Preserved throughout WA
Washington State Housing Finance Commission | Jun. 16 | Community Development | Tax Credits

$62M in CA Competes Tax Credits Announced
Business Facilities | Jun. 16 | Tax Credits

New MD Tax Credit Will Promote Energy Storage Systems
JD Supra | Jun. 14 | Energy Finance | Tax Credits

Tax Credits and Incentives Key to Portland Business Development
Inc | Jun. 13 | Incentives | Tax Credits

WA Film Tax Credit Set to Expire
The Spokesman-Review | Jun. 10 | Tax Credits

Future of KY Angel Tax Credit is Uncertain
Insider Louisville | Jun. 8 | Innovation Finance | Tax Credits

MD EV Tax Credit Extended Three Years
Plug In Sites | Jun. 7 | Tax Credits

Florida Community Loan Fund Closes on NMTC Project
Florida Community Loan Fund | Jun. 7 | Tax Credits

AZ R&D Tax Credit Supports Small Business
Phoenix Business Journal | Jun. 5 | Tax Credits

AL's Revamped Historic Tax Credit Will Support Smaller Cities
Alabama,com | Jun. 4 | Brownfield Financing | Historic Preservation | Tax Credits

Tax Credit Eligibility For Qualified Businesses Bill Clears Committee in NJ
Public. | Jun. 2 | Tax Credits | Economic Development | Incentives

In Rural SC, Renewables Spurred on by Tax Credits
The Post and Courier | May. 31 | Energy Finance | Rural Development | Tax Credits | Green Finance

Wind Industry Calls OK Marketplace 'Uncertain' with End of Incentive
Tulsa World | May. 31 | Energy Finance | Incentives | Tax Credits

Rules Amended for NJ Angel Investor Tax Credit
Anchin | May. 26 | Innovation Finance | Tax Credits

Bill Overhauling LA Film Tax Credit Gaining Traction
WAFB | May. 24 | Tax Credits | State Finance Program

Preservation Tax Credit's are Key to Cleveland
Crain's Cleveland Business | May. 23 | Historic Preservation | Tax Credits

New Additions to the Online Resource Database

Economic Impact of NMTC
Community Development | Economic Development | Tax Credits
The New Markets Tax Credit Coalition released this report on a decade of economic activity catalyzed by the NMTC program. Analyses cover projects, jobs, tax revenue, and return on investment for projects between 2003 and 2012.

The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300

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