In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, discusses an update on the federal fiscal year 2014 and 2015 budgets and the looming debt ceiling. In low-income housing tax credit news, he alerts listeners to a 2014 audit from the Treasury Inspector General for Tax Administration Office of Inspections and Evaluations on the Tax Credit Assistance program (TCAP). In historic tax credit news, he informs listeners about an update to Revenue Procedure 2014-12, the safe harbor guidance for historic tax credit partnerships, and he shares state level news from Alabama and a summary of a recent U.S. Tax Court decision about the transfer of state historic tax credits between partners. In new markets tax credit news, he shares information about a bill that would extend the New Markets Tax Credit program and provide additional allocation for communities affected by the loss of manufacturing jobs and discusses the retirement of long-time new markets tax credit supporter Rep. Jim Gerlach.