AMERICAN RECOVERY AND REINVESTMENT ACT SIGNED INTO LAW

Tuesday, February 17, 2009 - 8:00am

President Barack Obama today signed into law the American Recovery and Reinvestment Act of 2009 at a signing ceremony held at the Denver Museum of Nature & Science. The new law includes enhancements to the new markets tax credit (NMTC), renewable energy tax credit (RETC) and low-income housing tax credit (LIHTC) programs.

Tune in to today’s Tax Credit Tuesday podcast to hear more about the tax credit provisions included in the $787 billion economic recovery package.

Next week, on Wednesday, February 25 Novogradac & Company will present a webinar about the American Recovery and Reinvestment Act. Michael J. Novogradac, managing partner in the San Francisco office of Novogradac & Company LLP, will describe the provisions of the new law including:
 

  • the additional $3 billion in new markets tax credit authority provided for 2008 and 2009;
  • the extensions of placed in service dates for renewable energy facilities;
  • the temporary permission to elect the investment tax credit in lieu of the production tax credit;
  • the low-income housing tax credit exchange provision; and
  • the $2.25 billion in gap funding for LIHTC projects.