CONGRESS PASSES TAX EXTENDERS PACKAGE

Friday, December 17, 2010 - 8:00am

The House last night passed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 by a vote of 277-148. The Senate approved the bill on December 15 by a vote of 81-19. The president is expected the sign the bill into law today. The final measure extends for one year through 2011 of the placed in service date for GO Zone low-income housing tax credit (LIHTC) properties. Prior to the final Senate vote, Senator Mary Landrieu, D-La., secured a bipartisan agreement with Senate Finance Committee Chairman Max Baucus and Republican Whip Jon Kyl to further extend the LIHTC placed in service deadline for GO Zone properties to January 1, 2013 in a tax technical corrections bill early next year. The tax extenders bill passed yesterday did not extend the Section 1602 LIHTC cash grant exchange program or include funding for the National Housing Trust Fund. 

Join Novogradac & Company for the 17th Annual Tax Credit Developers Conference on January 20-21, 2011 in Miami, Fla. to hear more about the provisions included in the tax extenders legislation and what they mean for LIHTC development, as well as what the affordable housing community’s legislative priorities will be in 2011.