Neal, DelBene Ask Mnuchin to Extend Certain Deadlines for LIHTC Incentive

Monday, April 13, 2020 - 11:45am

Reps. Richard Neal, D-N.Y., and Suzan DelBene, D-Wash., sent a letter to Treasury Secretary Steven Mnuchin Friday, asking that Treasury and the Internal Revenue Service extend certain deadlines for the low-income housing tax credit (LIHTC) incentive. Neal is the chairman of the House Ways and Means Committee and DelBene is the lead sponsor of the Affordable Housing Credit Improvement Act in the House. The “deadlines and barriers” mentioned in their letter include the 10 percent test for carryover allocations, placed-in-service dates and rehabilitation expenditures. Neal and DelBene also asked Treasury and the IRS to consider relief for related deadlines, such as an extension of the 25-month rehabilitation period for properties that suffered a casualty loss.

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