Treasury Report on Biden Infrastructure Plan Includes Details on LIHTC, PTC, ITC
The U.S. Department of Treasury today released the Made in America Tax Plan report, providing additional details on the infrastructure plan announced March 31 by President Joe Biden’s administration. The description includes a statement that there would be “a marked increase in the resources available through the low-income housing tax credit [LIHTC] and other housing incentives,” but the report focuses on renewable energy provisions. The report says incentives for clean energy production and investment are insufficient to match the massive scope of environmental and climate problems and calls for 10-year extensions of the renewable energy production tax credit (PTC) and investment tax credit (ITC). The report includes a call to raise the corporate income tax rate from 21% to 28%, strengthen the global minimum tax for U.S. multinational corporations and other changes.
The effect of the plan on housing will be addressed at the Novogradac 2021 Affordable Housing Virtual Conference, April 29-30.