SUPPLEMENTAL SPENDING BILL TO INCLUDE GO ZONE LIHTC EXTENSION
Congressional conference committee members are scheduled to meet today regarding the conference report for H.R. 1591, a supplemental appropriations for fiscal year 2007, which includes a $4.8 billion small business tax package. House and Senate committee members came to an agreement last week on the tax package that includes an extension until December 31, 2010 of the placed-in-service deadline for low-income housing tax credits (LIHTCs) in the Gulf Opportunity (GO) Zone. The conference report could be heard on the House and Senate floors later this week. If President George W. Bush vetoes the conference report as promised, it is expected that a modified supplemental version of the legislation would follow.
This legislation and other topics related to reconstruction in the GO Zone will be discussed at Novogradac & Company LLP’s upcoming GO Zone Forum on May 15-16.
At the national level, the latest legislative proposals and matters of interest to the LIHTC and tax-exempt housing bond industry and Credit & Bond Financing Conference, May 17-18, 2007 in New Orleans, La.