News & Analysis as of September 20, 2024

Income Taxes › Low Income Housing

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Weekly IRS Roundup October 3 – October 7, 2022

McDermott Will & Emery on 10/11/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 3, 2022 – October 7, 2022...more

Real Estate Excise Tax Exemption Encourages Affordable Housing

Perkins Coie on 6/17/2022

Transfers of real property to certain qualifying entities will no longer be subject to real estate excise tax in Washington State, effective on January 1, 2023. The Washington State Legislature passed Engrossed House Bill...more

South Carolina Housing Issues State Low Income Housing Tax Credit Policies

Burr & Forman on 8/6/2020

South Carolina enacted a state low income housing tax credit on May 14, 2020... The South Carolina State Housing Finance and Development Authority (SC Housing) is required to issue an eligibility statement in order for a...more

South Carolina State Low Income Housing Tax Credit Will Provide Major Boost to Affordable Housing Projects

Burr & Forman on 5/18/2020

The South Carolina General Assembly passed the Workforce and Senior Affordable Housing Act on May 12, 2020, and the Act was signed into law by the Governor on May 14, 2020. The Act is effective for qualified projects placed...more

Treasury Provides Additional Guidance on Opportunity Zone Provisions

McDermott Will & Emery on 5/3/2019

The Tax Cuts and Jobs Act of 2017 introduced Opportunity Zone Provisions, IRC Sections 1400Z-1 and 1400Z-2, as an incentive to encourage investment in low-income communities. The provisions allow taxpayers to defer tax on...more

Weekly IRS Roundup February 25 – March 1, 2019

McDermott Will & Emery on 3/4/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 25 – March 1, 2019. February 25, 2019: The IRS issued Revenue Ruling 2019-05,...more

Weekly IRS Roundup February 18 – 22, 2019

McDermott Will & Emery on 2/25/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 18 – 22, 2019. February 19, 2019: The IRS issued a news release promoting online...more

Opportunity Zone Funds – Part I: Overview of the Law

Foster Garvey PC on 1/8/2019

BACKGROUND - Sections 1400Z-1 and 1400Z-2 were added to the Internal Revenue Code of 1986, as amended (the “Code”) by the Tax Cuts and Jobs Act. These new provisions to the Code introduce a multitude of new terms,...more

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Income Taxes › Low Income Housing

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