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KATRINA HOUSING BILL EXTENDS PROVISIONS FOR GO ZONE LIHTCS

Tuesday, March 20, 2007 - 7:45AM

Reps. Charles B. Rangel, D-N.Y., and Jim McCrery, R-La., chairman and ranking member of the Committee on Ways and Means respectively, last night introduced H.R. 1562, the “Katrina Housing Tax Relief Act of 2007.” The bill would make several changes to rules governing tax incentives for rebuilding in the Gulf Opportunity Zone (GO Zone), including extending for two years, until December 31, 2010, the placed-in-service deadline for low-income housing tax credits (LIHTCs) and modifying the carryover allocation rule for certain buildings that are placed in service before January 1, 2011. H.R. 1562 is slated for mark-up by the full committee tomorrow. In preparation for the hearing, the Joint Committee on Taxation has released a description of the bill’s provisions as well as estimated revenue effects.

This legislation and other topics related to reconstruction in the GO Zone will be the focus of Novogradac & Company LLP’s upcoming GO Zone Forum on May 15-16, 2007 in New Orleans, La.

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