Finance Committee Release Chairman's Mark of Tax Relief Act

Tuesday, November 8, 2005 - 1:45AM

The Senate Finance Committee today released the chairman’s mark of the “Tax Relief Act of 2005.” Under the proposal, the otherwise applicable low-income housing tax credit (LIHTC) ceiling amount is increased for each of the states within the Gulf Opportunity Zone (Alabama, Louisiana and Mississippi) for calendar years 2006, 2007, 2008 and 2009. The additional LIHTC cap for each of the affected states would equal three times the otherwise applicable credit cap amount (e.g., $1.90 for 2006) for the year times the number of such state’s residents within the Gulf Opportunity Zone. Click here for a copy of the chairman’s mark of the Tax Relief Act of 2005 and additional details about the LIHTC proposal.

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