The legislative text the American Jobs and Closing Tax Loopholes Act (H.R. 4213) was released last week by the U.S. House of Representatives as an amended version of an earlier version of the bill, in response to the companion legislation, passed by the Senate on March 10. The package of tax extender provisions would extend for one year the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program, extend for one year the New Markets Tax Credit (NMTC) program, and allow the NMTC to offset the alternative minimum tax with respect to qualified investments made between March 15, 2010 and January 1, 2012. The bill would also extend the Build America Bonds program, fund the National Housing Trust Fund (NHTF) and extend by two years the placed-in-service date for Gulf Opportunity (GO) Zone LIHTCs.
House and Senate negotiators are still working out final details of the measure, mainly pertaining to portions of the bill impacting Medicare payments and unemployment benefits. House and Senate leadership still hope to pass the compromise measure before returning to their districts for the Memorial Day recess; however, concerns from moderate Democrats on the deficit implications of the measure could still potentially scuttle its passage.
For more information on the legislation, click here.
NH&RA will continue to monitor the status of this legislation, as well as cover its contents in detail during the upcoming 2010 Summer Institute & New Markets Tax Credit Symposium, scheduled July 21-24 in Dana Point, California. Online registration is open. Contact Thom Amdur for details.
