AMENDMENT TO SENATE RECOVERY BILL WOULD ACCELERATE LIHTCS
The Senate Finance Committee will consider an amendment to its economic recovery proposal that would accelerate the amount of low-income housing tax credits that could be claimed in the first three years while still retaining the full 10-year credit period. Supporters say this could increase yields and book earnings to investors thereby attracting more investors to the weakened LIHTC equity market without significantly lowering tax credit prices. The Senate Finance Committee will consider the American Recovery and Reinvestment Act of 2009 during a hearing tomorrow.
The amendment is currently cosponsored by Sens. Maria Cantwell, D-Wash., Charles Schumer, D-N.Y., John Kerry, D-Mass., Debbie Stabenow, D-Mich., Olympia Snowe, R-Maine, and John Ensign, R-Nev. Additional support for the amendment is still needed. Those in the LIHTC community are encouraged to contact their members of Congress, particularly Chairman Max Baucus, D-Mont., and members of the Senate Finance Committee, to express support for the amendment.