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HOUSE BILL INCLUDES SMALL INCREASE IN CERTAIN STATES’ LIHTC CEILINGS

Tuesday, October 23, 2007 - 7:15AM

Ways and Means Committee Chairman Rep. Charles B. Rangel, D-N.Y., yesterday introduced H.R. 3920, the Trade and Globalization Assistance Act of 2007. This legislation would overhaul the current Trade Adjustment Assistance (TAA) program and creates new benefits and tax incentives for industries and communities that have been hit hard by trade, including a small increase in the state low-income housing tax credit (LIHTC) ceiling of states with manufacturing redevelopment zones. The LIHTC ceiling would be increased by the housing credits that are allocated to manufacturing redevelopment zones. The maximum credit ceiling increase that would be permitted under the bill is capped at $20 per person located within such a manufacturing redevelopment zone. The bill will be considered tomorrow by the Ways and Means Committee.

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