REVISED TAX EXTENDERS LEGISLATION TO BE INTRODUCED
Ways and Means Committee Chairman Sander Levin, D-Mich., and Senate Finance Committee Chairman Max Baucus, D-Mont., will release today the legislative text of the American Jobs and Closing Tax Loopholes Act, a package of tax extender legislation. Provisions included in the legislation would extend for one year the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program, extend for one year the New Markets Tax Credit (NMTC) program, and allow the NMTC to offset the alternative minimum tax with respect to qualified investments made between March 15, 2010 and January 1, 2012. The bill would also fund the National Housing Trust Fund (NHTF) and extend by two years the placed-in-service date for Gulf Opportunity (GO) Zone LIHTCs.
The Tax Extenders Act of 2009 passed the House of Representatives on December 9, 2009 and the Senate on March 10 passed a similar package, the American Workers, State and Business Relief Act, as an amendment to the House bill. Sen. Baucus and Rep. Levin worked with House and Senate leadership and their colleagues to merge these two packages into the American Jobs and Closing Tax Loopholes Act, which they will introduce today as a House Amendment to the Senate Amendment to H.R. 4213. The House is expected to take up the bill tomorrow, May 21.