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Thursday, February 25, 2010 - 8:00AM

Sen. Harry Reid yesterday introduced legislation to extend several tax provisions that expired on December 31, 2009. The American Workers, State, and Business Relief Act of 2010 would extend the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program that was created by the American Recovery and Reinvestment Act (Recovery Act); extend for one year the new markets tax credit (NMTC); and extend Gulf Opportunity (GO) Zone provisions. The package of tax extenders is estimated to cost about $31 billion over 10 years. One of the cost offsets included in the bill is codification of the economic substance doctrine. Reports indicate the bill could be considered as early as next week.

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