Senator Charles Schumer (D-NY) recently introduced the National Disaster Tax Relief Act of 2014 (S. 2233), a bill which would increase the Low-Income Housing Tax Credit (LIHTC), New Markets Tax Credit (NMTC), and Historic Rehabilitation Tax Credit (HTC) allocations in states that include a federally declared disaster area in 2012 or 2013.
LIHTC: Each state would receive the greater of the amount of $8 multiplied by the state’s disaster-area population or 50 percent of the state housing credit ceiling for 2013.
NMTC: S. 2233 would provide a $500 million annual increase through 2016 in new markets tax credit allocations to federally declared disaster areas in 2012 or 2013.
HTC: The credit would increase from 10 percent to 13 percent for non-historic buildings and increase the HTC from 20 to 26 percent for historic buildings in affected disaster zones.
S. 2233 is co-sponsored by Senators Michael Bennett (D-CO), Cory Booker (D-NJ), Kirsten Gillibrand (D-NY), Mary Landrieu (D-LA), Robert Menéndez (D-NJ), John Rockefeller (D-WV), and Mark Udall (D-CO). The bill has been referred to the Senate Finance Committee.
Click here to read S. 2233.
