House Passes "Jobs for Main Street Act", Senate Postpones Action on Tax Bill

According to congressional staff, the Senate has decided to postpone action on a bill to extend expiring tax provisions until 2010. This means it will not act until then on the $31 billion tax extender bill, H.R. 4213, which the House passed December 9. H.R. 4213 contains the one-year extension of the Housing Credit Exchange Program NCSHA advocated.

On December 16, the House passed the Jobs for Main Street Act, H.R. 2847, with funding for several new and existing programs to generate increased employment. While House tax-writing staff told NCSHA they were considering including a five-year Housing Credit carryback provision in the jobs bill, the House-passed bill did not include this provision, or any other Housing Bond and Credit changes. The bill includes very few tax provisions, and staff say the House may develop follow-up legislation with jobs-related tax changes next year for inclusion in a final jobs bill.

The Senate is likely to develop a jobs bill early next year.

NCSHA will continue to seek opportunities to include our Housing Bond and Credit priorities in either the extender or jobs bills.