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Thursday, September 16, 2010 - 10:15AM

Senate Finance Committee Chairman Max Baucus today introduced a new version of tax extenders legislation. The Job Creation and Tax Cut Act of 2010 includes provisions from H.R. 4213, the American Jobs and Closing Tax Loopholes Act (also known as the tax extenders bill), including an extension for one year (through 2010) of the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program; a $1 billion, one-time capitalization of the National Housing Trust Fund (NHTF); an extension for one year (through 2010) of the New Markets Tax Credit (NMTC) program; and a provision to allow the NMTC to offset the alternative minimum tax with respect to qualified investments made between March 15, 2010 and January 1, 2012. Upon the bill’s introduction Sen. Baucus requested unanimous consent, which would have expedited its consideration, but the request was rejected. This means the bill will be subject to consideration on the Senate floor, leaving unclear its chances of passage before the next congressional recess.

To stay updated on the bill’s progress in Congress, follow Michael J. Novogradac, CPA, on Twitter. You can also tune in to the Tuesday Credit Tuesday podcast for weekly updates.

To learn what the tax extender provisions of the Job Creation and Tax Cut Act of 2010 could mean for the low-income housing tax credit community, join Novogradac & Company for the 17th Annual Affordable Housing Tax Credit Conference, Sep. 30-Oct. 1, in San Francisco, Calif.

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