News Topic: Tax credits
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Will CRA revamp stimulate lending in down-and-out neighborhoods?
The proposed changes laid out by banking regulators would clear up confusion about what qualifies for CRA credit within so-called Opportunity Zones. But not all community development advocates are convinced that the changes are for the better. ... Read full article
Congress dangles tax credits to boost supply of affordable housing
The bipartisan proposal aims to renew banks' interest in low-income housing tax credits and bring more lower-priced homes to markets that badly need them. ... Read full article
SunTrust, BB&T plan parting gifts to their hometowns
The merging banks, whose new headquarters would be Charlotte, N.C., will each double their charitable giving over the next three years in Atlanta and Winston-Salem, N.C. ... Read full article
Banks explore ways to capitalize on tax law's 'Opportunity Zones'
Regional and community banks are working to finance the economic development districts created by the new law. But they have lots of questions about how the program works — and thoughts on how to improve it. ... Read full article
Banks face collateral damage from clean energy firm's bankruptcy
Several banks could lose money over tax credits tied to DC Solar, a California firm wrestling with a fraud claim. ... Read full article
Several banks disclose exposure to clean energy firm's bankruptcy
At least four banks may lose certain tax benefits if it is proven that DC Solar operated an investor scheme. ... Read full article
Wells Fargo faces probe on low-income tax credit purchases
Multiple agencies are looking into its purchase of certain credits tied to low-income housing developments, the bank said in a securities filing Friday. ... Read full article
'Those deposits would be gone in a flash': Comments of the week
Readers react to a drive for more public banks, weigh in the launch of an online-only bank, chime in on what millennials need and more. ... Read full article
Low Income Housing Tax Credit gets boost from spending bill
Lawmakers approved a measure to increase the program's funding by nearly $3 billion over four years. ... Read full article
Dear Congress: Don't lose New Markets credit in tax reform deal
Lawmakers should preserve the credit meant to spur economic development as part of sweeping tax reform being debated in Congress this week. ... Read full article
Time running out on banks' push to preserve popular tax credit
The House-passed tax bill would eliminate the New Markets Tax Credit while the Senate bill would not reauthorize it when it expires in two years. Bankers and other proponents say that if it is discontinued many economic development projects in rural and ... Read full article
Fannie, Freddie returning to low-income housing tax credits
The FHFA is allowing Fannie Mae and Freddie Mac to invest in the credits for the first time since they entered conservatorship. Its purpose is to promote affordable housing in underserved markets. ... Read full article
Prospect of tax reform upends affordable housing finance
Banks have started reconsidering how much they are willing to pay for low-income housing tax credits. ... Read full article