Register Today for the 2023 Federal Policy Conference!
Reserve your spot at the 2023 CDFA Federal Policy Conference on April 11-12, 2023, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and the National Development Council, will bring together leaders from the Biden administration, Congress, federal agencies, and the development finance industry to discuss the massive infrastructure investments made by the 117th Congress as well as the development finance challenges that state and local governments continue to face. Space is limited; act fast!
Now Accepting Applications for the Caren S. Franzini Fellowship
The Caren S. Franzini Fellowship was created to build leadership positions for women in the field of development finance and to inspire them to embody Caren's spirit and professionalism. Franzini Fellows accepted into the program must be employed by a CDFA member and have worked in the development finance field for less than 10 years. Applications are being accepted through Friday, April 7, 2023.
Kentucky Historic Rehabilitation Tax Credits Undergo Major Expansion
The Kentucky Historic Rehabilitation Tax Credit is undergoing a major expansion, increasing from the previous allocation of $5 million to $100 million. The state legislature also passed a bill raising the maximum eligible credit for commercial projects from $400,000 to $10 million. Historic preservation is a huge driver of economic development, and with the annual appropriation increase, the state tax credit program is poised to become even more so.
Guidance for Hydroelectric Efficiency Improvement Incentives Program Released
The Department of Energy's Grid Deployment Office provided guidance for the Hydroelectric Efficiency Improvement Incentives under the Infrastructure Investment and Jobs Act 2021, and the opening of the 2023 application period. The guidance describes the hydroelectric efficiency improvement incentives payment requirements, including application requirements, that qualified hydroelectric facilities must provide DOE when applying for hydroelectric efficiency improvement incentives.
Picture Becoming Clearer for the Inflation Reduction Act Tax Credits
The Inflation Reduction Act changed a wide range of tax laws and includes over $320 billion in new and expanded incentives for energy efficiency, renewable and clean energy investments, fleet decarbonization, infrastructure improvements, and other sustainability-related investments. The effective dates of various provisions began applying on January 1, 2023, and under the IRA, the changes will be implemented over an approximately 10-year plan period.
Treasury Department Provides CHIPS Investment Tax Credit Guidance
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released a notice of proposed rulemaking for the Advanced Manufacturing Investment Credit (CHIPS ITC) established by the CHIPS Act. By providing clear guidance to utilize the CHIPS ITC, Treasury is mobilizing key tax incentives for investments in facilities that manufacture semiconductors or semiconductor manufacturing equipment – helping to spur job growth and bolster economic prosperity and national security.
Baker Tilly and Ever.green to Create First Marketplace for Clean Energy Tax Credits
Leading advisory CPA firm Baker Tilly US, LLP and Ever.green, a clean energy project funding and tax credit marketplace, have formed a strategic collaboration to reduce the complexity of transferring clean energy tax credits. Baker Tilly brings its energy advisory services, tax expertise, and professional due-diligence excellence to the Ever.green marketplace, ensuring all transactions are vetted, secure, and compliant with regulatory requirements.
LIHTC Extolled as Necessary Tools to Address Affordable Housing Supply Gap
During the hearing titled, Tax Policy's Role in Increasing Affordable Housing Supply for Working Families, senators and witnesses discussed the ways in which the federal government has used tax policy to address the nation's housing problems and provided recommendations on how current policies could be improved and enhanced.