SENATE TO CONSIDER LIHTC PROVISIONS IN HOUSING STIMULUS BILL

Thursday, June 19, 2008 - 7:30AM

Senate Finance Committee Chairman Max Baucus, D-Mont., and Ranking Member Chuck Grassley, R-Iowa, yesterday announced that they would offer tax measures as part of a larger amendment to H.R. 3221 in cooperation with the Senate Banking Committee. The Baucus-Grassley proposal represents an agreement between House and Senate negotiators on the tax provisions that will be included in a final housing stimulus package. Reports indicate that negotiations continue on other, non-tax portions of the bill, which lawmakers are working to pass before July 4. The Baucus-Grassley package includes provisions to temporarily increase the cap for federal low-income housing tax credits (LIHTCs) and simplify the technical rules relating to the LIHTC and tax-exempt housing bonds. 

Novogradac & Company LLP will continue to follow the progress of the housing stimulus package and provide updates online at www.taxcredithousing.com and in the weekly Tax Credit Tuesday podcast.

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