The 2019 LeadingAge Illinois Annual Meeting and Expo includes educational sessions, opportunities to network and find vendor solutions for your organization’s most important needs. Join over 1,600 attendees from independent living communities, assisted living communities, skilled nursing facilities and CCRC's throughout Illinois for this incredible event. Baker Tilly is proudly presenting two educational sessions. Stop by our booth to meet our healthcare team and a chance to win!
Tax Reform: Significant Changes for Tax-Exempt Senior Living Organizations
Tuesday, April 2
2:45 - 3:45 p.m.
While the Tax Cut and Jobs Act (the Act) will simplify taxes for many Americans, many business and tax-exempt entities will find the computation of taxable income even more complex than in the past. Baker Tilly’s tax-exempt organization professionals provide insight into the numerous direct changes to tax-exempt entity taxation and highlight a few of the provisions not included in the Act that may be included in future legislation.
- Mark Heroux, Partner
- Judy Segal, Manager
A Primer on Utilizing Low Income Housing Tax Credits
Thursday, April 4
11:00 a.m. - 12:00 p.m.
The Low Income Housing Tax Credit (LIHTC) Program is the longest running and most successful federal program for the provision of affordable rental housing for lower income families and individuals. To date, it has financed over 3 million apartments for low income households, adding approximately 100,000 units to the inventory each year.
Through LIHTCs, the providers of senior care have been able to increase the housing supply to seniors of modest means within their communities. They have built newly constructed rental and mixed use buildings on their campuses; preserved and upgraded existing HUD Section 202 properties; earned revenue through developer fees and continued operations; and provided services to those most in need. Many members of LeadingAge have taken advantage of this program, but many more should.
This session will provide a guide to the use of LIHTCs nonprofit aging service organizations. It will begin with “Tax Credit 101,” delivering an overview of the LIHTC Program and details of how it works. We will discuss what needs to be taken into consideration when undertaking the development of a tax credit project, how best to structure the transaction, what other funding sources may be available, considerations for managing the property, and what pitfalls to avoid. A case study will be presented to highlight each learning objective.
- Don Bernards, Partner
- Chris Tritsis, Senior Manager