IRS Guidance

Notice 2010-10: Tax-exempt Bonds in Certain Disaster Areas
January 19, 2010
Tax-exempt Bonds in Certain Disaster Areas

Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas
January 2009

IRS Comment Request for Notice 2008-61
October 9, 2008

IRS Comment Request for Notice 2008-58
October 9, 2008

Notice 2008-61: Relief from Certain Low-Income Housing Credit Requirements Due to Severe Storms, Tornadoes, and Flooding in Wisconsin
July 28, 2008

Notice 2008-58: Relief from Certain Low-Income Housing Credit Requirements Due to Severe Storms, Tornadoes, and Flooding in Iowa
July 14, 2008

Notice 2008-56: Relief from Certain Low-Income Housing Credit Requirements Due to Severe Storms and Flooding in Indiana
July 14, 2008

Notice 2008-109: Midwestern and Hurricane Ike Disaster Areas and Population Estimates
January 2008

Revenue Procedures

Proc 2007-54: Relief for Projects in Disaster Areas
2007

Legislation

Statement of Administration Policy Regarding H.R. 1424 Emergency Economic Stabilization Act of 2008, Energy Improvement and Extension Act of 2008, and Tax Extenders and Alternative Minimum Tax Relief Act of 2008
October 3, 2008

Summary of Energy, Extenders, AMT and Disaster Tax Provisions in the Emergency Economic Stabilization Act of 2008
October 1, 2008

S. 3322 Midwestern Tax Relief Act of 2008
July 23, 2008
Introduced by Rep. Charles Grassley on July 23, 2008 To provides tax relief for victims of the Midwestern disaster in Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska and Wisconsin. The proposals are applicable to floods, severe storms, and tornadoes that are declared by FEMA on or after May 20, 2008, and before August 1, 2008. Disasters that occur prior to this period qualify for tax relief if the FEMA disaster declaration occurs during this period.

S. 3322 Summary of Provisions

Committee on Finance Estimated Revenue Effects

H.R.1424 Emergency Economic Stabilization Act of 2008
March 9, 2008
Introduced by Rep. Patrick Kennedy Provides authority for the federal government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers. Also provides a patch for the alternative minimum tax and extends the production tax credit (PTC) for wind energy for one year, the investment tax credit (ITC) for solar energy projects for eight years and the new markets tax credit (NMTC) for one year. Allows states to allocate an additional $8 per capita in low-income housing tax credit (LIHTC) amounts in 2008, 2009 and 2010 in the Midwestern Disaster Area. Also allows Texas and Louisiana to allocate $16 per capita in additional LIHTC amounts in 2008, 2009 and 2010 based on the populations of Brazoria, Chambers, Galveston, Jefferson and Orange counties in Texas and Calcasieu and Cameron parishes in Louisiana.

Other Resources

WHEDA Memo: 30% Basis Boost for 2008
November 7, 2008

WHEDA Memo: WHEDA 2008 LIHTC Allocations; The Emergency Economic Stabilization Act of 2008 (H.R. 1424)
October 14, 2008