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Rangel Says Bush Proposal Would be 'Catastrophic' to LIHTC Program

Tuesday, January 14, 2003 - 1:45AM

President Bush’s proposal to exclude certain corporate dividend payments from federal income taxes could have “a catastrophic impact” on the low-income housing tax credit (LIHTC) program, says Rep. Charles Rangel (D-N.Y.). In a letter to Department of Housing and Urban Development (HUD) secretary Mel Martinez, Rangel, the ranking Democrat on the Ways and Means Committee, warns that the president’s stimulus package is “unfair and reckless” and requests Martinez’ “urgent assistance in changing the proposal or clarifying its impact so that the low-income housing tax credit program can maintain its record of effectiveness.” Click here to read a copy of the letter.

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