House Legislation Would Extend, Expand NMTC; Expand LIHTC for California Disaster Areas
The House Ways and Means Committee will mark up Thursday H.R. 3301, The Taxpayer Certainty and Disaster Tax Relief Act of 2019, legislation that includes extensions through 2020 of numerous expired and expiring tax credits. The bill would extend the new markets tax credit through the end of 2020 with an increase in allocation authority from $3.5 billion to $5 billion for the final allocation round. The bill would also increase California’s low-income housing tax credit allocation for 50 percent of the combined state ceilings for 2017 and 2018 or the aggregate amount allocated to buildings in qualified disaster areas, whichever is less.