Tuesday, June 22, 2010 - 1:15AM

Senate Finance Chairman Max Baucus has released a new Senate amendment substitute for H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010, also known as the tax extenders bill. The latest version includes provisions to extend for one year the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program, expand the Section 1602 program to make Gulf Opportunity (GO) Zone LIHTCs and Disaster LIHTCs eligible for the 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 GO Zone LIHTCs. The Senate could vote on the revised extenders package this week. Follow Michael J. Novogradac, CPA, on Twitter for updates as they develop.

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