NMTC & LIHTC Legislative Language: American Taxpayer Relief Act of 2012

Published by Michael Novogradac on Tuesday, January 1, 2013 - 12:00am

Here is the legislative language passed by the Senate 89-8 on fiscal cliff deal. The House is expected to vote later today.

SEC. 302. EXTENSION OF TEMPORARY MINIMUM LOW-INCOME TAX CREDIT RATE FOR NON-FEDERALLY SUBSIDIZED NEW BUILDINGS.

(a) IN GENERAL.—Subparagraph (A) of section 42(b)(2) is amended by striking ‘‘and before December 31, 2013’’ and inserting ‘‘with respect to housing credit dollar amount allocations made before January 1, 2014’’.

(b) EFFECTIVE DATE.—The amendment made by this section shall take effect on the date of the enactment of this Act.

SEC. 303. EXTENSION OF HOUSING ALLOWANCE EXCLUSION FOR DETERMINING AREA MEDIAN GROSS INCOME FOR QUALIFIED RESIDENTIAL RENTAL PROJECT EXEMPT FACILITY BONDS.

(a) IN GENERAL.—Subsection (b) of section 3005 of 17 the Housing Assistance Tax Act of 2008 is amended by striking ‘‘January 1, 2012’’ each place it appears and inserting ‘‘January 1, 2014’’.

(b) EFFECTIVE DATE.—The amendment made by this section shall take effect as if included in the enactment of section 3005 of the Housing Assistance Tax Act of 2008.

SEC. 305. EXTENSION OF NEW MARKETS TAX CREDIT.

(a) IN GENERAL.—Subparagraph (G) of section 45D(f)(1) is amended by striking ‘‘2010 and 2011’’ and inserting ‘‘2010, 2011, 2012, and 2013’’.

(b) CARRYOVER OF UNUSED LIMITATION.—Paragraph (3) of section 45D(f) is amended by striking ‘‘2016’’ and inserting ‘‘2018’’.

(c) EFFECTIVE DATE.—The amendments made by this section shall apply to calendar years beginning after December 31, 2011.

SEC. 331. EXTENSION AND MODIFICATION OF BONUS DEPRECIATION.

(a) IN GENERAL.—Paragraph (2) of section 168(k) is amended— (1) by striking ‘‘January 1, 2014’’ in subparagraph (A)(iv) and inserting ‘‘January 1, 2015’’, and

(2) by striking ‘‘January 1, 2013’’ each place it appears and inserting ‘‘January 1, 2014’’.

(b) SPECIAL RULE FOR FEDERAL LONG-TERM CONTRACTS.—Clause (ii) of section 460(c)(6)(B) is amended by inserting ‘‘, or after December 31, 2012, and before January 1, 2014 (January 1, 2015, in the case of property described in section 168(k)(2)(B))’’ before the period.