CONGRESS EXTENDS KEY TAX CREDIT PROVISIONS
The U.S. House of Representatives last night voted 257-167 to approve legislation aimed at avoiding the so-called fiscal cliff that also includes a number of key tax extender provisions. The bill, H.R. 8, the American Taxpayer Relief Act of 2012, had been approved by the Senate by a vote of 89-8 earlier in the day.
H.R. 8 extends the new markets tax credit (NMTC) for two years, providing a maximum annual amount of qualified equity investments of $3.5 billion each year. The bill also extends the 9 percent low-income housing tax credit (LIHTC) floor for LIHTC allocations made before Jan. 1, 2014. H.R. 8 also includes one year extensions of 50 percent bonus depreciation and the wind production tax credit (PTC).
Join Novogradac & Company at the Novogradac Tax Credit Developers Conference Jan. 10-11 in Miami, Fla. or the Novogradac New Markets Tax Credit Conference Jan. 24-25 in San Diego, Calif. to discuss this exciting development and what lies ahead for the tax credit community in the year to come.