Time line of recent Federal and State guidance affecting Real Estate

DateGuidance
12/22/2017 Tax Cuts and Jobs Act, Pub. L. No. 115-97 Corporate tax rate dropped to 21%
Limited interest deductions to 30% of adjusted taxable income
May elect to be Real Property Trade or business (RPTB) to not limit the interest, but has to use ADS depreciation for buildings
ADS depreciation for residential rental switched to 30 years for taxable years after 12-31-17
Repeal of technical termination rules for partnerships
Average income
Opportunity Zones
HTC - 20% historic credit must be claimed ratably over 5 years
10% non-certified rehabilitation credit is repealed
11/20/2018 Rev Proc 2018-58 Time for performing certain acts by reason of service in a combat zone or federally-declared disaster
1/29/2020 Rev Ruling 2020-4 How to compute income limits for average income test
3/6/2020 Coronavirus Preparedness and Response Supplemental Appropriations Act
3/18/20 Families First Coronavirus Response Act
3/22/20 MN Executive Order 20-14 Suspending of residential eviction actions and terminations of leases during the COVID-19 Peacetime Emergency
3/27/20 Coronavirus Aid, Relief, and Economic Security Act (CARES ACT) Increased interest deductions for 2019 and 2020 to 50% of adjusted taxable income
Fixed QIP "retail glitch"
NOL update - eliminate 80% limit for 2018, 2019 and 2020, 5-year carryback
4/10/20 Rev Proc 2020-22 Allows taxpayer to make a late RPTOB election or withddraw a previous election under Sec 163(j)
4/8/20 Rev Proc 2020-23 Allows eligible partnerships to file simplified amended partnership tax returns for 2018 & 2019 if done by 9/30/2020
4/10/20 Rev Proc 2020-24 Provides guidance for NOL carryback
4/17/20 Rev Proc 2020-25 Provides guidance for changing depreciation of QIP (fixing the QIP retail glitch) in 2018, 2019 or 2020 and make or revoke bonus depreciation elections
4/9/20 Notice 2020-23 Additional Pandemic Relief
4/24/20 Paycheck Protection Program and Health Care Enhancement Act
5/13/20 MN Executive Order 20-55 Guidance related to homeless encampments
6/5/20 MN Executive Order 20-73 Clarifying Executive Order 20-14 Suspending Evictions During the COVID-19 Peacetime Emergency (tenant still owes rent, tenants do not have to demonstrate loss of income or COVID-19 diagnosis,etc)
7/1/20 Notice 2020-53 Extends relief provided by IRS Notice 2020-23 through December 31, 2020.
7/14/20 MN Executive Order 20-79 Modifying the Suspension of Evictions and Writs of Recovery During the COVID-19 Peacetime Emergency, $100 million housing fund
10/29/20 Proposed regulation 1.42-15 & 19 Next available unit with average income and Average income test
12/27/20 Consolidated Appropriations Act, 2021 4% fix rate for bonds allocated and projects PIS after 12-31-20
Adjusted ADS depreciation to 30 years for RPTB property PIS before 12-31-17
Established Emergency Rental Assistance (ERA) Program
1/15/21 Notice 2021-12 Coronavirus Guidance for Housing Tax Credit and Tax-Exempt Bond Developments
Occupancy extension
Relief for loss of credits due to casualty
1/19/21 Notice 2021-10 Extension relief for Qualified Opportunity Funds
3/16/21 Notice 2021-17 Clarification Of Housing Credit Guidance in Notice 2021-12