House Bill 4116 would allow taxpayers to claim up to a 50-percent tax credit on investments in privately owned businesses based in Michigan that generate at least 80 percent of their gross revenues and hold 80 percent or more of the assets in the state. The legislation would require the Michigan Strategic Fund to certify within 60 days of an investment that a business meets the requirements so investors can seek the tax credit.

Sens. John Hoeven (R-ND) and Ron Wyden (D-OR), chair of the Senate Finance Committee, reintroduced the Move America Act. The bipartisan legislation would bring billions of dollars of investment to state and local governments to expand and repair the country's aging infrastructure. The bill would expand tax-exempt Private Activity Bonds and create new infrastructure tax credits to help fund infrastructure projects through public-private partnerships.

The St. Louis Development Corporation is launching a new $15 million loan fund to spur housing development and residential mortgages across north St. Louis and low-income areas of south St. Louis. $10 million from the American Rescue Plan Act will be combined with federal New Markets Tax Credits to generate another $5 million in equity for the fund.

The Housing Credit is our nation's most important program for the production of affordable rental housing. Nearly all affordable rental housing built or preserved today relies on the Housing Credit as its primary financing source. Housing Credit production has faced significant challenges since the onset of the pandemic due to heightened construction costs caused by supply chain disruptions and labor shortages.

Florida Community Loan Fund has finalized closing on New Markets Tax Credit (NMTC) financing for the Agape Village Health Center. The $34.8 million campus will provide healthcare and social services from Miami's Goulds neighborhood. With financing through the NMTC program, this project brings a significant expansion of needed health services to the community.

Enterprise Community Partners closed two funds in its Enterprise Housing Partners Funds series, which has had three dozen iterations. Both funds utilize the Low-Income Housing Tax Credit. The $365 million was contributed by 17 investors. The funds will be used to create or preserve more than 3,500 affordable rental homes across 17 states, in 35 different properties.

The infrastructure and social policy bills passed by the United States House of Representatives this week include many EV provisions, from investments in charging infrastructure to a rejuvenated EV tax credit. Now they head to the Senate. The Build Back Better Act (H.R. 5376) replaces the current federal EV tax credit with a new one that eliminates the 200,000-unit cap for manufacturers to qualify.

Fundamentals of Economic Development Finance Course
January 26-27, 2022 - Daily: 12:00 - 5:00 PM Eastern

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February 14-15, 2022 - Daily: 12:00 - 5:00 PM Eastern

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States across the country are starting to gather data and use evidence to systematically evaluate tax incentives. To illustrate what sort of evaluations states are conducting, NCSL created a database of state tax incentive evaluations. Evaluations published since the start of 2008 are included and more reports will be added over time.

Using data from the National Housing Preservation Database (NHPD), this report focuses on the challenge of preserving the federally assisted housing stock in the face of the national affordability crisis and chronic underfunding for housing programs.

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