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Friday, June 25, 2010 - 1:15AM

The Senate yesterday failed to pass H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010, also known as the tax extenders bill. The bill was defeated 57 to 41, three votes short of the majority it needed to pass. The bill would have extended the New Markets Tax Credit (NMTC) program for one year and allow the NMTC to offset the alternative minimum tax with respect to qualified investments made between March 15, 2010 and January 1, 2012. It would also have extended the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program and made Gulf Opportunity (GO) Zone LIHTCs and Disaster LIHTCs eligible for the program. Reports indicate that Sen. Harry Reid will set aside the tax extender bill for now and instead concentrate on the small business tax bill.

Tune in to the Tax Credit Tuesday podcast on June 29 to hear what the next steps may be for the extenders package.

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