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New Markets Tax Credit Connection - Spring 2014


Spring 2014

Rev. Proc. 2014-12: The IRS Rehabilitation Tax Credit Safe Harbor Response in Light of Historic Boardwalk Hall
The federal government’s success in the Historic Boardwalk Hall case put a chill on rehabilitation tax credit deals. This credit is commonly referred to as the historic tax credit. In this article, we will summarize the safe harbor requirements and briefly discuss the implication this may have on twinned New Markets Tax Credit and Rehabilitation Tax Credit deals.

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Would NMTC Investments Qualify for the Proportional Amortization Method?
On January 15, 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-01, "Accounting for Investments in Qualified Affordable Housing Projects”. In this article, we examine how NMTC investments would fare under the conditions that must be met to qualify for the proportional amortization method under the ASU.

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Case Study: Wissahickon Charter School
In the fall of 2013, Mt. Airy USA (MAUSA) – one of Philadelphia’s most successful non-profit community development corporations – closed on NMTC- leveraged financing for the construction of a second campus for the highly successful K-8 public Wissahickon Charter School. This case study showcases the positive impact of the NMTC.

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Case Study: Mt. Poso Cogeneration Facility
The Mt. Poso Cogeneration Facility, located in Bakersfield, California, is a 44-megawatt renewable energy power plant which operates 100% on biomass fuel. The plant uses urban and agricultural wood waste (construction waste, tree trimmings, and agricultural sources) as its fuel source. Learn how the conversion of coal-fired plant to biomass-fired renewable energy was made possible with the help of NMTC.

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Lucky Number 13: Our New Markets Tax Credit Summit Takes Place April 28-30, 2014
As in past years, our 2014 summit will offer attendees a "hands on" experience through workshops, break-out sessions, and not-to-be-missed networking events. Summit participants will have the opportunity to interact with colleagues and industry insiders while learning more about the business opportunities and future of the NMTC program.

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NMTC Coalition Corner
Businesses and community leaders are calling on Congress to extend the New Markets Tax Credit Program. In addition, the New Markets Tax Credit Coalition is encouraging Community Development entities to participate in the annual NMTC survey.

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Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing, or recommending to another party any tax related matters.

This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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