U.S. Representative Bruce Braley (D-IA) last week introduced the Rebuilding Communities Act (H.R. 2901), which would extend a provision enacted in 2008 that increased the historic tax credit to 26 percent and the rehabilitation tax credit to 13 percent in Midwestern communities affected by natural disasters. The Rebuilding Communities Act would extend the availability of the additional tax credits until December 31, 2014. The bill has been referred to the House Committee on Ways and Means.
The original law, the Heartland Disaster Tax Relief Act of 2008, provided certain tax relief provisions applicable to federally designated disaster areas in Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Missouri, Minnesota, Nebraska and Wisconsin. Among other things, the bill provided for an additional pool of low-income housing tax credits to help rehabilitate properties impacted by disasters occurring during 2008 through 2011.
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