NCSHA Presses for Disaster and Four Percent Credits in Tax Extender Bill

Congressional tax committee leaders continue to work behind the scenes to iron out the differences between House- and Senate-passed tax extender legislation, H.R. 4213.  They are still hopeful they can come to an agreement on legislation in time to pass it before the Memorial Day recess, which begins May 31.  The House has tentative plans to bring the bill to the floor on May 19. 

 

As of this writing, NCSHA understands the two sides have agreed to include in the reconciled bill the one-year extension, through 2010, of the Housing Credit Exchange Program that both the House and Senate bills contain.  However, they have not yet agreed to include the Senate bill provision to expand the Exchange Program to include disaster (both GO Zone and Midwest flood) Credits. 

 

Though tax committee leaders have also decided to include in the reconciled bill some of the provisions of the House-passed small business tax bill, H.R. 4849, so far the small business bill’s provision to include the 4 percent Credit in the Exchange Program extension is not among them.  It is not clear if committee leaders still plan to move a free-standing small business tax bill. 

 

In an exciting new development, NCSHA has learned that congressional leaders have included in the reconciled extender bill $1 billion to capitalize the Housing Trust Fund, which states will administer, and $65 million for project-based rental assistance for Trust Fund-financed homes.