Chairman Brady Releases Tax Extenders Proposal

Tuesday, December 8, 2015 - 3:00pm

House Ways and Means Committee Chairman Kevin Brady, R-Texas, yesterday proposed an amendment to the Senate amendment to H.R. 34 that would extend through 2016 several temporary tax provisions that expired at the end of calendar year 2014, also known as the “tax extenders.”

 The bill would:

  • extend the 9 percent minimum credit rate for low-income housing tax credit (LIHTC) allocations made for non-federally subsidized new buildings before 2017;
  • extend through the end of 2016 the military housing allowance exclusion for determining LIHTC tenant eligibility;
  • authorize the new markets tax credit (NMTC) at $3.5 billion annually for 2015 and 2016;
  • extend and modify bonus depreciation for property acquired and placed in service during 2015 or 2016;
  • extend the energy-efficient credit for new homes through 2016;
  • extend the energy-efficient commercial buildings deduction through 2016;
  • and extend the renewable energy production tax credit (PTC) for wind and certain other energy facilities that commence construction by the end of 2016.

The legislation includes technical changes to the partnership audit provision of the Bipartisan Budget Act of 2015, additional tax policy changes and reforms to the IRS. A section-by-section summary can be found here.

Learn more about the extenders proposal on the Notes from Novogradac blog.