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Bills Introduced to Provide NMTCs, LIHTCs to Disaster-Stricken Communities

Friday, July 17, 2015 - 7:00AM

Bipartisan legislation was introduced in the House and Senate Thursday to provide tax relief to communities affected by natural disasters from 2012 to 2015, in the form of increased availability of new markets tax credits (NMTCs) and low-income housing tax credits (LIHTCs). The National Disaster Tax Relief Act would provide an increased LIHTC allocation in qualifying disaster areas equal to $8 per person or 50 percent of a state’s annual LIHTC ceiling, whichever is higher. In addition, community development entities (CDEs) serving disaster areas would be eligible to compete for an additional $500 million NMTC allocation for each year from 2012 through 2015.

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