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LEGISLATION INTRODUCED TO MAKE FIXED LIHTC FLOOR PERMANENT

Wednesday, December 14, 2011 - 8:00AM

A bipartisan group of lawmakers in the House and Senate today introduced legislation to make permanent the 9 percent tax credit percentage floor for the low-income housing tax credit (LIHTC) as originally but temporarily authorized by the Housing and Economic Recovery Act of 2008 (HERA). The legislation would also extend the same policy to 4 percent LIHTCs for acquisition (but not 4 percent LIHTCs generated by tax-exempt bonds). The House bill, H.R. 3661, is cosponsored by Reps. Pat Tiberi, R-Ohio; Richard Neal, D-Mass.; Vern Buchanan, R-Fla.; Jim Gerlach, R-Pa.; Lee Terry, R-Neb.; Charles Rangel, D-Mass.; Bill Pascrell, Jr., D-N.J.; Joseph Crowley, D-N.Y.; and Emanuel Cleaver, D-Mo. The Senate bill, S. 1989, is cosponsored by Sens. Maria Cantwell, D-Wash.; Olympia Snowe, R-Maine; Jeff Bingaman, D-N.M.; John Kerry, D-Mass.; Bill Nelson, D-Fla.; Robert Menendez, D-N.J., Ben Cardin, D-Md.; Bernie Sanders, I-Vt.; Mike Crapo, R-Idaho; Scott Brown, R-Mass.; and Susan Collins, R-Maine.

Join Novogradac & Company for the 18th Annual Tax Credit Developers Conference to hear about the bill’s provisions and what they will mean for the affordable housing community. The conference will be held on January 12-13, 2012 in Miami, Fla. and there’s still time to register.

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