CDFA Legislation to Modernize Private Activity Bonds Introduced in Congress
The Council of Development Finance Agencies (CDFA) is pleased to announce that Representatives Stephanie Murphy (D-FL) and Darin LaHood (R-IL) have introduced the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) in the U.S. House of Representatives as H.R. 5422. MAMBA would modernize the Internal Revenue Code (IRC) as it relates to small issue bonds, specifically the private activity bond rules for first-time farmers and manufacturing bonds.
New Markets Tax Credit Receives One-Year, $5 B Extension
The Fiscal Year 2020 appropriations bill , H.R. 1865, signed into law today by President Trump, includes a one-year, $5 billion extension of the New Markets Tax Credit (NMTC). The NMTC, which faced expiration on December 31, instead received a $1.5 billion increase in allocation that will go far to meet the demand for this important resource that revitalizes communities, creates jobs, increases economic opportunity and improves lives.
Senate Passes Tax Extenders Deal That Includes Extension of Renewable Energy Incentives
The US Senate passed a package of tax extenders as part of the year-end appropriations act that the US House of Representatives passed on December 17, 2019. The package includes a one-year extension of the production tax credit (PTC) under section 45 for wind and other technologies. It also includes limited extension of other energy tax incentives that were set to expire and a retroactive extension for some credits that had already expired in 2018.
Assessing WA's Aerospace Tax Preferences: A Mixed Bag?
In 2013, Washington state offered Boeing and the aerospace industry a high-profile incentive package valued over time at $8.7 billion. Earlier this year the state's Joint Legislative Audit and Review Committee (JLARC) completed a study of the aerospace tax preferences that made up the incentive offer. This blog post from Smart Incentives analyzes the results.
Announcing the CDFA Federal Policy Conference: April 14-15, 2020 in Washington, DC
The CDFA Federal Policy Conference will highlight policies and programs at the federal level and will feature development finance experts and practitioners from key federal agencies, congressional offices, and policy organizations. Attendees will have access to networking opportunities with a dozen federal agencies, a federal grant application writing workshop, and so much more. Register now to secure your spot!
An Assessment of the GREEN Act: Implications for Emissions and Clean Energy Deployment
The Growing Renewable Energy and Efficiency Now (GREEN) Act, a discussion draft distributed to Congress on November 19th, proposes to extend several tax credits for clean energy deployment and expand several others. This independent analysis quantifies the combined impact of most major provisions of the proposal on both technology deployment and GHG emissions, through 2030.
Pairing the Opportunity Zones Incentive with Historic Tax Credits
Developers are continually looking for ways to make use of the OZs incentive to drive investment to their projects. Among them, historic tax credit (HTC) developers are exploring ways to combine the OZs incentive with HTC investments for their often difficult to finance projects. Many HTC projects are located in OZs, which makes considering the potential to raise OZ capital a worthwhile exercise for these developers.
More States Facing Shortage in Private Activity Bonds for Rental Housing
Another affordable rental housing funding crisis is brewing–a crisis in the supply of private activity bonds (PABs). For many years, the demand for PAB cap has been less the supply. The national carryforward amount–the unused cap from the previous three years–has been at least $32 billion each year since 2008. That landscape is rapidly changing, already forcing some states to make difficult decisions.