Taking vacant properties and adapting them for use as affordable housing can help developers save money while reducing their environmental footprint. Partner Insights spoke to Jack Bernhard, executive director of community development real estate for JPMorgan Chase, about this approach.

Just a few months ago, the owners of the KC Current women's soccer team said they wouldn't seek public money to fund construction of their $70 million stadium. Now, that's changed. The team asked the Kansas City Council to apply for $6 million in state tax incentives. And the price tag for the stadium — the first of its kind in the country — has risen to $117 million.

Five House Democrats are still fighting for relief on the $10,000 limit on the federal deduction for state and local taxes, known as SALT. The lawmakers are urging colleagues to block IRS funds for enforcing state-level SALT cap workarounds via the fiscal 2023 appropriations bill.

The Biden administration announced its Housing Supply Action Plan to close the housing supply shortfall in five years, including the creation and preservation of hundreds of thousands of affordable homes in the next three years. The plan calls for investments in housing production and preservation, such as those outlined in the House reconciliation bill to increase the annual low-income housing tax credit allocation cap and create the Neighborhood Homes Tax Credit.

Twenty-three affordable housing developments are moving forward with the support of $23.3 million in state and federal housing tax credits awarded by the Wisconsin Housing and Economic Development Authority. The projects are in 20 communities across the state and will provide more than 1,400 housing units.

A drumbeat of criticism is building over a proposed global tax regime that may hurt demand for tax-exempt debt and other U.S. tax credits. What's not clear is whether Treasury is hearing it. At issue is an implementation of the Organisation for Economic Cooperation and Development's new minimum global corporate tax rate of 15%, a deal agreed to last year by 136 countries.

Kansas Governor Laura Kelly has signed bipartisan legislation creating incentives in the form of state income tax credits for investors in construction of residential housing that contributes to economic development in Kansas.

The Department of Economic Development announced that it will award $6 million in 50% tax credits to 37 organizations throughout Missouri through the Youth Opportunities Program during its 2022 cycle. YOP funds a variety of project types, including degree completion, internships and apprenticeships, mentoring, substance abuse prevention, violence prevention, counseling, and more.

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More than two dozen advocates for low-income housing and community investment are sounding the alarm over the global tax deal agreed to by the U.S. and dozens of other countries. The advocates specifically are worried about proposed rules for a global minimum tax, which businesses and experts believe could undercut the value of key domestic tax incentives.

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