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TEXT OF REVISED TAX EXTENDERS LEGISLATION RELEASED

Friday, May 21, 2010 - 11:15AM

The legislative text of H.R. 4213, the American Jobs and Closing Tax Loopholes Act, a package of tax extender legislation, has been released. The bill was released yesterday as a House Amendment to the Senate Amendment to H.R. 4213. The House vote on the extenders has been delayed until May 25 because of House concerns, including carried interest taxation and total cost.

Provisions included in the legislation would extend for one year the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange 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 Gulf Opportunity (GO) Zone LIHTCs.

The Tax Extenders Act of 2009 passed the House of Representatives on December 9, 2009 and the Senate on March 10 passed a similar package, the American Workers, State and Business Relief Act, as an amendment to the House bill. Ways and Means Committee Chairman Sander Levin, D-Mich., and Senate Finance Committee Chairman Max Baucus, D-Mont., worked with House and Senate leadership and their colleagues to merge these two packages into the American Jobs and Closing Tax Loopholes Act.

The NMTC program extension will be one of the many hot topics discussed at the 9th Annual New Markets Tax Credit Spring Conference on June 10-11 in Washington, D.C.

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