Legal Alert: Revised Text for the Build Back Better Legislation Includes LIHTC, NHTC, and Tribal NMTC

By: Christy Vouri-Misso Low-Income Housing Tax Credit The BBBA extends the 9% LIHTC allocations to pegged amounts through 2025. The provision is effective for calendar years after December 31, 2021. The provision provides a 50% increase in basis for LIHTC projects that designate at least 20% of their units for extremely low-income tenants. These projects Read More »

IRS Re-Extends Many Deadlines for Qualified Opportunity Funds

Recently released IRS Notice 2021-10, provides additional relief for "qualified opportunity funds" ("QOFs"), their investors and "qualified opportunity zone businesses" extending many of the previously extended deadlines due to the Coronavirus. Previously, the IRS extended the 180-day deadline for taxpayers to invest eligible capital gains into a QOF to July 15, 2020 ( https://bhlawpllc.com/publication/irs-extends-deadline-to-invest-in-a-qualified-opportunity-fund/ ) and also extended Read More »

Coming Soon: Many New and Existing Corporations, LLCs and Similar Entities Must Report Owners’ Personal Information to U.S. Treasury Department

At the start of the new year, the National Defense Authorization Act ("NDAA") was enacted into law and included the Corporate Transparency Act ("CTA"). The CTA subjects individuals who own, or apply to form, businesses organized as corporations, limited liability companies, partnerships or similar entities to heightened reporting to the Financial Crimes Enforcement Network ("FinCEN") Read More »

USCIS Publishes Final Rule Creating a Wage-Based Selection Process for H-1Bs

On January 8, 2021, USCIS published a final rule (the “Rule“) creating a wage-based selection process for new cap-subject H-1B petitions titled Modification of Registration Requirement for Petitioners Seeking To File Cap-Subject H-1B Petitions which is scheduled to take effect on March 9, 2021, before this year’s H-1B lottery.  The Rule gives priority to the petitions offering Read More »