The Washington Report · 9/27/2018  · Projects. Allowance for the Transfer of Credits for Certain...

The Washington ReportPANELISTS

Michael NovogradacNovogradac & Company LLP

Merrill HoopengardnerNTCIC

Patrick RobertsonFTI Consulting

@novogradac @NTCIC @HistoricCredit

AgendaLooking Back Over the Last Year

Lame Duck and November Elections

Historic Tax Credit Legislation

Opportunity Zones, CRA and National Park Service

State Tax Credit Issues

FullRepeal

10%Credit

20%over five years

How We Did It

• Over the course of the HTC campaign, our efforts resulted in more than 40,000 letters sent to Congress.

• Our video featuring President Reagan received nearly 500,000 views.

Historic Tax Credit Coalition

historiccredit.com

What can we expect from theLAME DUCK?

TAX BILL

Extenders

Technical corrections

Legacy items

Current House Ways and Means Committee Roster

REPUBLICANSDEMOCRATS

Kevin Brady, TX, ChairmanSam Johnson, TXDevin Nunes, CADave Reichert, WAPeter Roskam, ILVern Buchanan, FLAdrian Smith, NELynn Jenkins, KSErik Paulsen, MNKenny Marchant, TXDiane Black, TNTom Reed, NY

Mike Kelly, PAJim Renacci, OHKristi Noem, SDGeorge Holding, NCJason T. Smith, MOTom Rice, SCDavid Schweikert, AZJackie Walorski, INCarlos Curbelo, FLMike Bishop, MIDarin LaHood, ILBrad Wenstrup, OH

Richard Neal, MA, Ranking MemberSander Levin, MIJohn Lewis, GALloyd Doggett, TXMike Thompson, CAJohn B. Larson, CTEarl Blumenauer, ORRon Kind, WIBill Pascrell, NJJoseph Crowley, NYDanny K. Davis, ILLinda Sánchez, CA

Brian Higgins, NYTerri Sewell, ALSuzan DelBene, WAJudy Chu, CA

Current House Ways and Means Committee Roster

REPUBLICANSDEMOCRATS

Kevin Brady, TX, ChairmanSam Johnson, TXDevin Nunes, CADave Reichert, WA

Peter Roskam, ILVern Buchanan, FLAdrian Smith, NELynn Jenkins, KSErik Paulsen, MNKenny Marchant, TXDiane Black, TNTom Reed, NY

Mike Kelly, PAJim Renacci, OHKristi Noem, SDGeorge Holding, NCJason T. Smith, MOTom Rice, SCDavid Schweikert, AZJackie Walorski, INCarlos Curbelo, FLMike Bishop, MIDarin LaHood, ILBrad Wenstrup, OH

Richard Neal, MA, Ranking MemberSander Levin, MIJohn Lewis, GALloyd Doggett, TXMike Thompson, CAJohn B. Larson, CTEarl Blumenauer, ORRon Kind, WIBill Pascrell, NJJoseph Crowley, NYDanny K. Davis, ILLinda Sánchez, CA

Brian Higgins, NYTerri Sewell, ALSuzan DelBene, WAJudy Chu, CA

RETIRING

Current House Ways and Means Committee Roster

REPUBLICANSDEMOCRATS

Kevin Brady, TX, ChairmanSam Johnson, TXDevin Nunes, CADave Reichert, WAPeter Roskam, ILVern Buchanan, FLAdrian Smith, NELynn Jenkins, KSErik Paulsen, MNKenny Marchant, TXDiane Black, TNTom Reed, NY

Mike Kelly, PAJim Renacci, OHKristi Noem, SDGeorge Holding, NCJason T. Smith, MOTom Rice, SCDavid Schweikert, AZJackie Walorski, INCarlos Curbelo, FLMike Bishop, MIDarin LaHood, ILBrad Wenstrup, OH

Richard Neal, MA, Ranking MemberSander Levin, MIJohn Lewis, GALloyd Doggett, TXMike Thompson, CAJohn B. Larson, CTEarl Blumenauer, ORRon Kind, WIBill Pascrell, NJJoseph Crowley, NYDanny K. Davis, ILLinda Sánchez, CA

Brian Higgins, NYTerri Sewell, ALSuzan DelBene, WAJudy Chu, CA

RUNNING FOR ANOTHER OFFICE

Current House Ways and Means Committee Roster

REPUBLICANSDEMOCRATS

Kevin Brady, TX, ChairmanSam Johnson, TXDevin Nunes, CADave Reichert, WAPeter Roskam, ILVern Buchanan, FLAdrian Smith, NELynn Jenkins, KSErik Paulsen, MNKenny Marchant, TXDiane Black, TNTom Reed, NY

Mike Kelly, PAJim Renacci, OHKristi Noem, SDGeorge Holding, NCJason T. Smith, MOTom Rice, SCDavid Schweikert, AZJackie Walorski, INCarlos Curbelo, FLMike Bishop, MIDarin LaHood, ILBrad Wenstrup, OH

Richard Neal, MA, Ranking MemberSander Levin, MIJohn Lewis, GALloyd Doggett, TXMike Thompson, CAJohn B. Larson, CTEarl Blumenauer, ORRon Kind, WIBill Pascrell, NJJoseph Crowley, NY

Danny K. Davis, ILLinda Sánchez, CA

Brian Higgins, NYTerri Sewell, ALSuzan DelBene, WAJudy Chu, CA

LOST PRIMARY

Current House Ways and Means Committee Roster

REPUBLICANSDEMOCRATS

Kevin Brady, TX, ChairmanSam Johnson, TXDevin Nunes, CADave Reichert, WAPeter Roskam, ILVern Buchanan, FLAdrian Smith, NELynn Jenkins, KSErik Paulsen, MNKenny Marchant, TXDiane Black, TNTom Reed, NY

Mike Kelly, PAJim Renacci, OHKristi Noem, SDGeorge Holding, NCJason T. Smith, MOTom Rice, SCDavid Schweikert, AZJackie Walorski, INCarlos Curbelo, FLMike Bishop, MIDarin LaHood, ILBrad Wenstrup, OH

Richard Neal, MA, Ranking MemberSander Levin, MIJohn Lewis, GALloyd Doggett, TXMike Thompson, CAJohn B. Larson, CTEarl Blumenauer, ORRon Kind, WIBill Pascrell, NJJoseph Crowley, NYDanny K. Davis, ILLinda Sánchez, CA

Brian Higgins, NYTerri Sewell, ALSuzan DelBene, WAJudy Chu, CA

COMPETITIVE RACES

Current Senate Finance Committee Roster

REPUBLICANSDEMOCRATS

Orrin Hatch, UT, ChairmanChuck Grassley, IAMike Crapo, IDPat Roberts, KSMike Enzi, WYJohn Cornyn, TXJohn Thune, SDRichard Burr, NC

Johnny Isakson, GARob Portman, OHPat Toomey, PADean Heller, NVTim Scott, NCBill Cassidy, LA

Ron Wyden, OR, Ranking MemberDebbie Stabenow, MIMaria Cantwell, WABill Nelson, FLBob Menendez, NJTom Carper, DEBen Cardin, MD

Sherrod Brown, OHMichael Bennet, COBob Casey, PAMark Warner, VAClaire McCaskill, MOSheldon Whitehouse, RI

Current Senate Finance Committee Roster

REPUBLICANSDEMOCRATS

Orrin Hatch, UT, Chairman

Chuck Grassley, IAMike Crapo, IDPat Roberts, KSMike Enzi, WYJohn Cornyn, TXJohn Thune, SDRichard Burr, NC

Johnny Isakson, GARob Portman, OHPat Toomey, PADean Heller, NVTim Scott, NCBill Cassidy, LA

Ron Wyden, OR, Ranking MemberDebbie Stabenow, MIMaria Cantwell, WABill Nelson, FLBob Menendez, NJTom Carper, DEBen Cardin, MD

Sherrod Brown, OHMichael Bennet, COBob Casey, PAMark Warner, VAClaire McCaskill, MOSheldon Whitehouse, RI

RETIRING

Current Senate Finance Committee Roster

REPUBLICANSDEMOCRATS

Orrin Hatch, UT, ChairmanChuck Grassley, IAMike Crapo, IDPat Roberts, KSMike Enzi, WYJohn Cornyn, TXJohn Thune, SDRichard Burr, NC

Johnny Isakson, GARob Portman, OHPat Toomey, PADean Heller, NV

Tim Scott, NCBill Cassidy, LA

Ron Wyden, OR, Ranking MemberDebbie Stabenow, MIMaria Cantwell, WABill Nelson, FL

Bob Menendez, NJTom Carper, DEBen Cardin, MD

Sherrod Brown, OHMichael Bennet, COBob Casey, PAMark Warner, VAClaire McCaskill, MOSheldon Whitehouse, RI

COMPETITIVE RACES

Current Senate Finance Committee Roster

REPUBLICANSDEMOCRATS

Orrin Hatch, UT, ChairmanChuck Grassley, IAMike Crapo, IDPat Roberts, KSMike Enzi, WYJohn Cornyn, TXJohn Thune, SDRichard Burr, NC

Johnny Isakson, GARob Portman, OHPat Toomey, PADean Heller, NV*

Tim Scott, NCBill Cassidy, LA

Ron Wyden, OR, Ranking MemberDebbie Stabenow, MIMaria Cantwell, WABill Nelson, FL*

Bob Menendez, NJTom Carper, DEBen Cardin, MD

Sherrod Brown, OH

Michael Bennet, COBob Casey, PAMark Warner, VAClaire McCaskill, MO*Sheldon Whitehouse, RI

UP FOR ELECTION

A need for

EDUCATION

Historic Tax Credit Enhancement Act

Sen. CollinsD-Maine

Sen. CardinD-Maryland

Sen. CassidyR-Louisiana

Rep. LaHoodR-Illinois

Historic Tax Credit Enhancement Act

Rep. KellyR-Pennsylvania

Rep. BlumenauerD-Oregon

Historic Tax Credit Improvement ActH.R. 1158

KELLY BLUMENAUER

82 COSPONSORS39D, 43R

SECTION 1 SECTION 2 SECTION 3

SECTION 4 SECTION 5 SECTION 6

Short Title “Historic Tax Credit Improvement Act of 2017”

Increase in the Rehabilitation Credit for Certain Small Projects

Allowance for the Transfer of Credits for Certain Small Projects

Increasing the Type of Buildings Eligible for Rehabilitation

Reducing Basis Adjustment

Modifications Regarding Certain Tax-Exempt Property

Historic Tax Credit Improvement ActS.425

CARDIN COLLINS

13 COSPONSORS9D, 4R

Importance of SUSTAINED ADVOCACY

Sustained Advocacy

www.historictaxcredits.com

Sustained Advocacy

Over1,400signatures

A new community development tool:

OPPORTUNITY ZONES

Taxpayers defer capital gains

(& more)

Qualified Opportunity

Funds (QOFs)

for making timely investments in

Qualified Opportunity Zone

Business/ Business Property

which invest in

3 Tax Incentive Benefits

1. 2. 3.GainDeferral

Partialforgiveness

Forgiveness ofadditional gains

www.novoco.com/OZMap

CRA• On August 28, the office of the Comptroller of the Currency released an

Advanced Notice of proposed Rulemaking “seeking comment on the best ways to modernize the regulatory framework implementing the Community Reinvestment Act (CRA).”

• The ANPR specifically asks for comment on a number of questions regarding improvements to the CRA regulations related to:

– Increasing lending and services to people and in areas that need it most, including in LMI areas;

– clarifying and expanding the types of activities eligible for CRA consideration;

– revisiting how assessment areas are defined and used;– establishing metric-based thresholds for CRA ratings;– making bank CRA performance more transparent;– improving the timeliness of regulatory decisions related to CRA; and– reducing the cost and burden related to evaluating performance under the

CRA• Comments are due November 19.

National Park Service

Annual economic impact report

should be released this fall

NPS is dealing with an ever-

changing volume of applications

resulting from the impacts of tax

reform

Looking for ways to help NPS get to

full staff on reviewers

Coalition is back on track with

quarterly meetings with

TPS Leadership

State Tax Credit Issues

STATE OF THE STATESToday, 2:45-3:45p Concurrent Session 1

Placeholder for app image with info about state

panel

Good News, Bad News, Clarifying NewsMINNESOTA:Clarifying legislation

NEW YORK:Disconnecting state and federal

NORTH CAROLINA:Significance of notice?

QUESTIONS?PANELISTS

Michael NovogradacNovogradac & Company LLP

Merrill HoopengardnerNTCIC

Patrick RobertsonFTI Consulting

@novogradac @NTCIC @HistoricCredit

The Washington ReportPANELISTS

Michael NovogradacNovogradac & Company LLP

Merrill HoopengardnerNTCIC

Patrick RobertsonFTI Consulting

@novogradac @NTCIC @HistoricCredit