2020 Budget Bill Includes One-Year Extension of NMTC, PTC

Tuesday, December 17, 2019 - 6:30am

One of two year-end fiscal year 2020 spending bills for the federal government includes a one-year extension of the new markets tax credit (NMTC) at $5 billion, a one-year extension of the production tax credit (PTC) for wind at the phasedown rate of 60 percent and a nearly $1 billion disaster allocation of low-income housing tax credits to California after it was hit by wildfires in 2017 and 2018. The legislation also includes an extension through the end of 2020 for the Section 179(D) deduction for energy-efficient commercial buildings and the Section 45L tax credit for energy-efficient homes, both of which previously expired at the end of 2017. The bill, which faces a vote in the House of Representatives today and must be approved by the Senate and signed by President Donald Trump by the end of day Friday to avoid a government shutdown.

A section-by-section review of the legislation was released and he Notes from Novogradac blog will be updated with details on the HUD program funding levels.