Low-Income Communities Bonus Credit Applications Opening Date Announced
The U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) announced on May 13, 2024, the opening date for applications for the 2024 program year of the Low-Income Communities Bonus Credit Program (Bonus Credit Program) under Section 48(e) of the Internal Revenue Code. Last…
Tools for Investing Proceeds of Tax-Exempt Bonds
April 17, 2024
by Ashley Edwards
In a previous article, we introduced the fundamental concepts of the yield restriction and rebate rules set out in the Internal Revenue Code and Treasury Regulations and how tax-exempt bonds may be affected by high interest rates. But, as the saying goes, for every rule there is an exception, and…
IRS Releases 2024 Procedural Guidance for Solar and Wind Projects in Low Income Communities
Last week the Department of Treasury and Internal Revenue Services (IRS) issued procedural guidance for the second year of the Low-Income Communities Bonus Credit Program under Section 48(e) of the Internal Revenue Code (Code). The program created by the Inflation Reduction Act provides an increase…
Long Awaited Elective Payment Election Final Regulations and Other Guidance Issued by Treasury Department and IRS
On March 5, 2024, the U.S. Department of Treasury and Internal Revenue Services (IRS) released final regulations regarding the direct payment election under the Inflation Reduction Act of 2022 (IRA), a tax credit monetization opportunity for certain applicable entities such as state and local…
Is Your Nonprofit Considering Holding a Raffle? Think Twice.
Raffles can be a profitable and exciting fundraiser for nonprofits seeking to raise money for their cause. Raffles are considered games of chance, meaning participants pay money for a chance to win a prize. Games of chance can be considered lotteries and are heavily regulated in many states as a…