2009-2010 Federal LIHTC Legislation

Enacted Legislation

Tax Extenders

PL 111-312 (H.R.4853), Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
December 17, 2010

American Workers, State, and Business Relief Act of 2010
As of February 24, 2010

H.R. 4213, Tax Extenders Act of 2009
Introduced December 7, 2009

Related Web Page: Tax Extenders Hot Topics

Appropriations

H.R. 2346, Supplemental Appropriations Act, 2009
Public Law No: 111-32

Economic Recovery

H.R. 1, American Recovery and Reinvestment Act of 2009
signed by the president February 17, 2009

Senate Appropriations Committee Summary of ARRA Conference Report
February 12, 2009

Full Summary of Provisions from Senate Finance and House Ways & Means Committees
February 12, 2009

Side-By-Side Chart of Notable Differences Between the Senate-Passed and the House-Passed American Recovery and Reinvestment Act of 2009
February 10, 2009

JCX-17-09: Estimated Budget Effects Of The Revenue Provisions Contained In The Collins-Nelson Amendment (# 570) In The Nature Of A Substitute To The "American Recovery And Reinvestment Tax Act Of 2009," Under Consideration By The Senate
February 10, 2009

Summary of Finance Provisions as Amended on the Floor through 2/7, Plus Expected Elements of the Collins-Nelson Amendment
February 9, 2009

Cantwell LIHTC Accelerator Amendment
February 4, 2009

Cantwell-Baucus Colloquy Regarding Low-Income Housing Tax Credits from the Senate Finance Committee Hearing
January 27, 2009

Senate Draft of HR 1, American Recovery and Reinvestment Act of 2009
February 7, 2009

Bond LIHTC Gap Funding Amendment
February 4, 2009

Introduced Legislation

Consensus Proposals

S. 3326, Job Creation and Affordable Housing Act
May 7, 2010
Extend for one-year the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program and expand the program to include 4 percent LITHCs. Would also allow a 5-year carryback of the LIHTC.

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Press Release: Cantwell Fighting for Extension of Affordable Housing Program to meet Regional Needs, Create Jobs May 9, 2010

S. 3141, Low Income Housing Tax Credit Recovery Act
March 18, 2010
To provide a five year carryback of LIHTC for existing and future investments

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Statement of Senator Jeff Bingaman on the Introduction of The Low-Income Housing Tax Credit Recovery Act March 18, 2010

Press Release: Bingaman Bill Would Increase Affordable Housing for New Mexicans While Creating Construction Jobs March 18, 2010

H.R. 4109, 5-year LIHTC Carryback
November 18, 2009
To amend the Internal Revenue Code of 1986 to allow the low income housing credit to be carried back 5 years, and for other purposes.

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Exchange Program

H.R. 4213, American Workers, State, and Business Relief Act of 2010
Engrossed Amendment as Agreed to by Senate on March 10, 2010

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H.R. 4849, the Small Business And Infrastructure Jobs Tax Act Of 2010
Introduced March 16, 2010

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JCX 12-10: Estimated Revenue Effects Of H.R. 4849, The “Small Business And Infrastructure Jobs Tax Act Of 2010,” Scheduled For Markup By The Committee on Ways And Means On March 17, 2010 March 16, 2010

JCX 13-10: Description Of H.R. 4849, The “Small Business And Infrastructure Jobs Tax Act Of 2010” March 16, 2010

JCX 14-10: Description Of An Amendment In The Nature Of A Substitute To The Provisions Of H.R. 4849, The “Small Business And Infrastructure Jobs Tax Act Of 2010” March 16, 2010

JCX 15-10: Estimated Revenue Effects Of The Chairman’s Amendment In The Nature Of A Substitute To H.R. 4849, The “Small Business And Infrastructure Jobs Tax Act Of 2010” Scheduled For Markup By The Committee on Ways And Means On March 17, 2010 March 16, 2010

CBO Cost estimate for H.R. 4849, as ordered reported by the House Committee on Ways and Means on March 17, 2010 March 19, 2010

H.R. 4687, Low Income Housing Tax Credit Exchange Expansion and Job Creation Act of 2010
Introduced February 24, 2010

Cosponsors      More information

Press Release: Rep. Sánchez Introduces Bill to Combat Housing Crisis, Spur Job Growth February 24, 2010

Affordable Housing Preservation

H.R. __, Housing Preservation and Tenant Protection Act of 2009
Drafted by Rep. Barney Frank (not yet introduced)

Recording of Financial Services Committee Hearing: Legislative Options for Preserving Federally- and State-Assisted Affordable Housing and Preventing Displacement of Low-Income, Elderly and Disabled Tenants
Thursday, June 25, 2009

Recording of Financial Services Subcommittee on Housing and Community Opportunity Hearing: Legislative Options for Preserving Federally- and State-Assisted Affordable Housing and Preventing Displacement of Low-Income, Elderly and Disabled Tenants
Wednesday, July 15, 2009

Affordable Housing Exit Tax Relief

H.R. 2887, Affordable Housing Preservation Tax Relief Act of 2009
Introduced June 16, 2009 by Rep. Artur Davis
Would amend the Internal Revenue Code to exclude from gross income gain from the sale or exchange of certain multifamily housing property to a housing credit agency or related organization (preservation entity) that agrees to maintain certain affordability and use restrictions for such property. Would limit the excludable amount of such gain to the depreciation adjustments for such property.

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Amend the Recovery Act

S. 1326, Disaster State Housing Recovery Act of 2009
June 23, 2009
Would amend the American Recovery and Reinvestment Tax Act of 2009 to clarify the low-income housing credits that are eligible for the low-income housing grant election, and for other purposes.

Basic Allowance for Housing (BAH) Exclusion

S. 2827, Military Families Affordable Homes Act
Introduced December 3, 2009

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Press Release: Schumer Pushes Plan to Expand Access to Affordable Housing for Thousands of Military Families Currently Excluded from Existing Housing Program December 3, 2009

H.R. 3641, Military Families Affordable Homes Act
Introduced September 24, 2009

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Press Release: Nye Announces Plan to Help Military Families Access More Affordable Housing Options September 21, 2009

Carried Interest

H.R. 1935, To amend the Internal Revenue Code of 1986 to provide for the treatment of partnership interests held by partners providing services
April 3, 2009

Disaster Relief

S. 2928, Heartland Disaster Tax Relief Extension Act of 2009
December 23, 2009

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Economic Recovery

S. 336, the American Recovery and Reinvestment Plan
January 27, 2009

American Recovery and Reinvestment Plan Report  January 27, 2009

Original Chairman’s Mark of Senate Finance Committee Tax Provisions for the American Recovery and Reinvestment Act of 2009, Title I (Tax Relief, Trade Adjustment Assistance, and Other Provisions) January 23, 2009

Original Chairman’s Mark of Additional Senate Finance Committee Provisions for the American Recovery and Investment Act of 2009, Titles II – V (Unemployment Insurance, Health, and Other Provisions) January 23, 2009

Joint Committee on Taxation Analysis of Senate Finance Tax Provisions for the American Recovery and Reinvestment Act of 2009 January 23, 2009

Finance Committee Staff Summary of Senate Finance Tax Provisions for the American Recovery and Reinvestment Act of 2009 January 23, 2009

Click here to view the Jan. 27, 2009 Senate Fiance Committee Hearing on the American Recovery and Reinvestment Act of 2009 (Requires RealPlayer; will launch in media player window)

Modifications to the Chairman’s Mark of Senate Finance Committee Tax Provisions for the American Recovery and Reinvestment Act of 2009, Title I (Tax Relief, Trade Adjustment Assistance, and Other Provisions)
January 27, 2009

Modifications to the Chairman’s Mark of Additional Senate Finance Committee Provisions for the American Recovery and Investment Act of 2009, Titles II – V (Unemployment Insurance, Health, and Other Provisions) January 27, 2009

Joint Committee on Taxation Analysis of Modified Senate Finance Tax Provisions for the American Recovery and Reinvestment Act of 2009 January 27, 2009

H.R.598, the American Recovery and Reinvestment Tax Act of 2009
January 16, 2009

Description of the Chairman’s Amendment in the Nature of a Substitute to the provisions in H.R. 598 (Green Sheets)

Summary of changes in the Chairman’s amendment in the nature of a substitute

Joint Committee on Taxation Estimated Revenue Effects of Chairman’s Amendment in the Nature of a Substitute

Chairman’s Amendment in the Nature of a Substitute to H.R. 598 (Legislative Text)

Description of Title I H.R. 598 “American Recovery and Reinvestment Tax Act of 2009”

Description of Title II H.R. 598 “Assistance for Unemployed Workers and Struggling Families”

Description of Title III H.R. 598 “Health Insurance Assistance for the Unemployed Act of 2009”

CBO Estimates of Title II in H.R. 598

Joint Committee on Taxation Estimated Revenue Effects of H.R. 598

H.R. __, the American Recovery and Reinvestment Bill of 2009
January 15, 2009

Appropriations Committee Report on the American Recovery and Reinvestment Bill of 2009

Appropriations Committee Summary of the American Recovery and Reinvestment Bill of 2009

Miscellaneous

H.R. 5263, Real Estate Investment Incentive Act of 2010

Cosponsors      More information

H.R. 3715 Community Restoration and Revitalization Act of 2009
Introduced October 1, 2009 by Rep. Allyson Schwartz
Amends the Internal Revenue Code to: (1) Increase the historic tax credit from 20 percent to 30 percent for small projects with up to $5 million in qualified rehabilitation expenditures; (2) Permit the 10 percent non-historic credit for older buildings to be used for rehabilitating residential rental property; (3) Change the definition of “older building” to include any building “50 years or older;” (4) Allow tax-exempt tenants to occupy buildings that use the historic tax credits; (5) Boost the historic tax credit an additional $2 dollars to $5 dollars per square foot depending on a range of energy savings starting at 30 percent and graduating up to 50 percent. Building owners could receive partial credit; (6) Allow the transfer of historic tax credits to another taxpayer for projects less than $5 million in qualified rehabilitation costs; (7) Allow an owner to claim the historic tax credit if the rehabilitation cost exceeds 50 percent and not 100 percent of the basis; (8) Specify that proceeds from the sale of state historic tax credits should not be considered income for federal income tax purposes.

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S. 1743 Community Restoration and Rehabilitation Act of 2009
Introduced October 1, 2009 by Sen. Blanche Lincoln
Amends the Internal Revenue Code to: (1) Increase the historic tax credit from 20 percent to 30 percent for small projects with up to $5 million in qualified rehabilitation expenditures; (2) Permit the 10 percent non-historic credit for older buildings to be used for rehabilitating residential rental property; (3) Change the definition of “older building” to include any building “50 years or older;” (4) Allow tax-exempt tenants to occupy buildings that use the historic tax credits; (5) Boost the historic tax credit an additional $2 dollars to $5 dollars per square foot depending on a range of energy savings starting at 30 percent and graduating up to 50 percent. Building owners could receive partial credit; (6) Allow the transfer of historic tax credits to another taxpayer for projects less than $5 million in qualified rehabilitation costs; (7) Allow an owner to claim the historic tax credit if the rehabilitation cost exceeds 50 percent and not 100 percent of the basis; (8) Specify that proceeds from the sale of state historic tax credits should not be considered income for federal income tax purposes.

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Troubled Assets Relief Program (TARP)

H. R. 3068, TARP for Main Street Act of 2009
Introduced June, 26, 2009 by Rep. Barney Frank
Would use amounts made available under the Troubled Assets Relief Program of the Secretary of the Treasury to fund the Affordable Housing Trust Fund.

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H.R. 384, the TARP Reform and Accountability Act of 2009
Introduced January 9, 2009 by Rep. Barney Frank
Among other things would amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to require specified depository institutions under the Troubled Asset Relief Program (TARP) to report periodically on their use of TARP assistance.

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Novogradac & Company's LIHTC Hot Topics Page: TARP Proposals

U.S. Department of Housing and Urban Development

Section 202

S. 118, Section 202 Supportive Housing for the Elderly Act of 2009
Introduced January 6, 2009 by Sen. Herb Kohl
A bill to amend section 202 of the Housing Act of 1959, to improve the program under such section for supportive housing for the elderly, and for other purposes.

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Section 811

H.R. 1675, Frank Melville Supportive Housing Investment Act of 2009
Introduced March 23, 2009 by Rep. Christopher S. Murphy
A bill to amend section 811 of the Cranston-Gonzalez National Affordable Housing Act to improve the program under such section for supportive housing for persons with disabilities.

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S. 1481, Frank Melville Supportive Housing Investment Act of 2009
Introduced July 21, 2009 by Sen. Robert Menendez
A bill to amend section 811 of the Cranston-Gonzalez National Affordable Housing Act to improve the program under such section for supportive housing for persons with disabilities.

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