Tax & Regulatory Briefing: July 2020

July 31, 2020

Finding certainty during an ongoing pandemic can feel like house painting in a hurricane: just as you’re about to finish your first coat, a sub-sonic gale knocks you off your ladder.

Tax and reg experts are likely already used to hurricane-style sea changes in policy and compliance, but even amidst the global storm of 2020, staying ahead of the squall is how experts will help their investors and clients find they safe harbors they need to weather the challenges ahead.

In this month’s Tax & Regulatory Briefing, challenges come from all sides—as do the opportunities. States in the US find creative ways to make up lost revenues, CFIUS gains increased powers of scrutiny, and US lawmakers debate follow-up legislation to the CARES Act. Meanwhile, some cities experiment with new post-pandemic building ordinances, and new funds are allocated to the New Markets Tax Credit program.

Welcome to the July AFIRE Tax & Regulatory Briefing.

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States Target CRE Companies in Their Search for Forgotten Dollars

As states attempt to capture lost 2020 revenues, unclaimed property collections are on the rise, putting some CRE companies on high alert, especially in states where unclaimed property plays a significant budgetary role. via Mortgage Professional America

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US Corporate Regulation Increases Amidst US-China Tensions

Long-awaited changes to CFIUS regulations, enabled by new provisions to FIRRMA, significantly expand the types of foreign investment transactions subject to national security scrutiny. via Paul Hastings

San Francisco Passes “Healthy Buildings Ordinance”

The San Francisco Board of Supervisors recently instituted the “Healthy Buildings Ordinance,” requiring all large office buildings and hotels to comply with heightened cleaning and training regulations. It’s temporary (60 days), but could be indicative of future trends. via Mayer Brown

$3.5 Billion in New Markets Tax Credits

Earlier this month, the US Department of the Treasury’s CDFI Fund announced $3.5 billion of New Markets Tax Credit (NMTC) allocation to be used to spur investment in low-income US communities. Subsidies are received through low-rate, interest-only loans, with the principal typically “forgiven” after a seven-year compliance period. via Deloitte

NYC to Restart ULURP: What You Should Know

New York City plans to restart the Uniform Land Use Review Procedure (ULURP) in August 2020, after being paused in March as a result of COVID-19 measures. As the procedure pivots to a remote format, affordable housing and other development projects can be restarted. via Stroock

Senate Republicans Introduce the HEALS Act for Coronavirus Pandemic Relief

Introduced this week by Senate Republicans, the Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act as follow-up legislation to the $2 trillion CARES Act would include expansion of the PPP, restructuring of the Federal Pandemic Unemployment Compensation (FPUC), and more. via Tax Foundation

FASB Proposes New Chapter for Financial Reporting Framework

The Financial Accounting Standards Board has issued an exposure draft of a new chapter to Concepts Statement No. 8 (CON 8). The proposed chapter would replace Concepts Statement No. 6 and defines elements of financial statements for FASB to apply in future standard setting for businesses and nonprofits. via Compliance Week

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