New Tax, Oversight Legislation Includes LIHTC Clarification, Extenders
House Ways and Means Committee Chairman Kevin Brady, R-Texas, yesterday released a year-end tax and oversight package that clarifies the general public use requirement for tax-exempt bond-financed low-income housing tax credit properties, especially for veterans. The package also includes tax extenders, including one-year extensions until Dec. 31, 2018, for the Section 45L new energy-efficient homes credit and the Section 179D energy-efficient commercial buildings deduction for properties placed in service after Dec. 31, 2017. The legislation is expected to pass the full House later this week. The Senate is likely to consider changes, possibly including provisions from the Affordable Housing Credit Improvement Act (H.R. 1661, S. 548), such as the minimum 4 percent rate.