HOUSE APPROVES RESCUE BILL WITH RETC, NMTC, LIHTC PROVISIONS

Friday, October 3, 2008 - 7:00am

The House today voted 263 to 171 to approve H.R. 1424, the Emergency Economic Stabilization Act of 2008, as amended by the Senate earlier this week. In addition to addressing concerns of the stability of the economy and financial system, H.R. 1424 extends the production tax credit (PTC) for wind energy for one year, the investment tax credit (ITC) for solar energy projects for eight years and the new markets tax credit (NMTC) for one year. The bill also provides additional low-income housing tax credit (LIHTC) authority for disaster relief in the Midwest as well as in Texas and Louisiana. Click here for a summary of the energy, extenders and disaster tax provisions included in the Emergency Economic Stabilization Act of 2008.

An additional $8 per capita in LIHTC authority is provided for 2008, 2009 and 2010 for the Midwestern Disaster Area. H.R. 1424 also provides an additional $16 per capita in LIHTC authority for 2008, 2009 and 2010 to areas affected by Hurricane Ike, which include Chambers, Galveston, Jefferson and Orange counties in Texas and Calcasieu and Cameron parishes in Louisiana.

The White House has expressed strong support for the bill and President George W. Bush is expected to sign it into law promptly.