New Jersey has published its action plan for the $1.8 billion
CDBG grant allocated by HUD to assist the State's Hurricane
Sandy recovery efforts. The public comment period for the action
plan will end at 5:00 pm on March 19. Additional allocations are
expected to be made at subsequent dates to be determined by HUD.
Funds must be spent within two years unless HUD provides an
extension. Governor Christie has designated the New Jersey
Department of Community Affairs as the entity responsible to HUD
for administering the distribution of CDBG funds for New Jersey.
The action plan provides for the distribution of the $1.8 billion
of CDBG funds in the following areas: homeowner assistance; rental
housing; economic revitalization; and support for state and local
agencies. Within each category are a variety of programs to address
specific recovery needs. As an example, with respect to rental
housing, $100,000,000 is designated to facilitate the creation of
quality, affordable housing units to help New Jersey recover from
the loss of multi-family housing. CDBG funds will be provided as
zero- and low-interest loans to qualified developers to leverage 9%
and 4% low income housing tax credits, tax-exempt bonds and
stand-alone financing to support development. Awards will be
limited to $120,000 per unit. Similarly $75,000,000 will be awarded
through NJEDA in amounts up to $10,000,000 to redevelopment
agencies, municipalities, businesses and nonprofits, including
CDFIs and CBDOs for community revitalization. These funds may be
used for property acquisition, demolition, site preparation and
infrastructure repair and installation as well as physical
improvement and expansion of existing facilities.
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The favoured tax status of foreigners planning not to stay in the UK on a long term basis (so called 'non-doms') became a hot topic in the run up to the UK General Election in May 2015, and one of George Osborne's early acts as Chancellor was to announce changes to the regime.
Many are aware that the principal income tax consequences of
expatriation are usually immediate – under the
‘mark-to-market' regime, a ‘covered
expatriate' is generally deemed to sell all of his property,
regardless of its location, on the day before he ceases to be
taxable as a US resident.
We hope you've enjoyed receiving our weekly Tax Policy Update. Our McGuireWoods Tax Policy Team is dedicated to providing our clients with up-to-the-minute information, unique insights, and detailed analysis of tax policy developments.
On November 2, 2015, President Obama signed the Bipartisan Budget Act of 2015 (the "Bill"), which repeals the TEFRA Unified Audit Procedures and replaces them with a radically modified "corporate" model for partnership tax audits.