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March 15, 2010

On March 15, Acting House Ways and Means Committee Chairman Sander Levin (D-MI) released the Small Business and Infrastructure Jobs Tax Act of 2010, which expands the Housing Credit Exchange program to include 4 percent Credits, as NCSHA has advocated.  It also extends the Build America Bonds (BAB) program.  Levin says the Committee will mark up the bill March 17. 

The bill expands the Exchange program by allowing owners of tax-exempt bond-financed buildings placed in service after the bill’s enactment and prior to December 31, 2010 to exchange the 4 percent Housing Credits that would otherwise have been awarded with respect to such buildings for direct payments equal to 85 percent of those Credits' present value. 

The bill also extends the BAB program through 2013 and reduces the issuer subsidy from 35 percent of the bonds’ interest cost to 33 percent for BABs issued in 2011, 31 percent for BABs issued in 2012, and 30 percent for BABs issued in 2013.

The bill also excludes bonds issued to finance water and sewage facilities from state private activity bond volume caps.