Source: https://www.novoco.com/notes-from-novogradac/treasury-plan-includes-boardwalk-hall-ruling-tax-exempt-bond-guidance-1
Timestamp: 2020-08-04 10:44:55
Document Index: 45324517

Matched Legal Cases: ['§704', '§47', '§54', '§103', '§141', '§142']

Published by Michael Novogradac on Monday, August 19, 2013 - 12:00am
The Treasury Department released an updated 2013-2014 Priority Guidance Plan, which contains 324 projects that are priorities for allocation of the resources of its offices during the plan year which runs from July 2013 through June 2014.
The updated plan includes several new guidance projects, including a highly-anticipated guidance project is listed on page 20 in the Partnerships section that we believe to be the impending guidance regarding allowable partnership structures for the historic tax credit. That project is listed as a “Revenue Procedure regarding the allocation under §704(b) of rehabilitation tax credits under §47.”
At the time of this writing, that revenue procedure had not yet been released. We are monitoring the situation closely and we expect it to be published in the very near future. As soon as that guidance becomes available, Novogradac & Company will alert the tax credit community via our Industry Alert email service, as well as via Twitter and online at www.historictaxcredits.com.
In addition, the plan appears to include a few new guidance projects in the Tax-Exempt Bond section, which begins on page 26. These include:
Guidance on reallocations of New Clean Renewable Energy Bonds under §54C.
Guidance on the definition of political subdivision under §103 for purposes of the tax-exempt, tax credit, and direct pay bond provisions.
Guidance under §141 relating to private activity bonds.
Guidance under §142 to provide temporary relief after a declared disaster.
It should be noted that the plan represents projects that Treasury intends to address during this time, but it doesn’t place a deadline on completing the projects.