SENATORS PLEDGE WORK ON TAX EXTENDERS IN EARLY 2010

Wednesday, December 23, 2009 - 8:00am

Sens. Max Baucus, D-Mont., and Chuck Grassley, R-Iowa, sent a letter to Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., yesterday regarding adjournment of the first session of the 111th Congress without extending expiring tax assistance provisions. In addition to the letter, the Finance Committee leaders issued a joint statement declaring their intent to address expiring tax provisions early next year.

The House passed H.R. 4213, the Tax Extenders Act of 2009, on December 9. The House bill would provide individuals and businesses with approximately $31 billion in tax relief in 2009 by extending for one year, through 2010, more than 40 provisions that are scheduled to expire at the end of 2009. The bill would extend for one year, through 2010, the tax credit exchange program, created by the American Recovery and Reinvestment Act of 2009, which allows state housing agencies to elect to receive a payment in lieu of a portion of the state’s allocation of low-income housing tax credits (LIHTCs).

Click here for more information about tax extenders legislation. To discuss this and other current developments in the LIHTC industry, join Novogradac & Company LLP on January 14 and 15 for the 16th Annual Tax Credit Developers Conference in Miami, Fla.