Sandy Recovery Legislation Expected

Pascrell and Reed to Introduce
National Disaster Tax Relief Act in House

Bill PascrellRepresentatives Bill Pascrell (D-NJ) and Tom Reed (R-NY) are expected to introduce the National Disaster Tax Relief Act in the House of Representatives.

This legislation would provide additional Low Income Housing Tax Credits (LIHTCs) for areas impacted by a federally declared disaster in 2012, 2013, and 2014, as well as for communities impacted by Hurricane Irene and Tropical Storm Lee in 2011. Communities in 24 states would benefit.

The measure would provide a LIHTC allocation of the greater of $8 per individual in the disaster areas or 50% of the state’s LIHTC ceiling. Communities would also be eligible to apply for an extra New Markets Tax Credit allocation totaling $500 million.

The bill is expected to be nearly identical to S. 2233 introduced by Senators Robert Menendez (D-NY) Charles Schumer (D-NY), except the Senate bill does not cover 2014 disasters.

Representatives Reed and Pascrell are seeking original cosponsors. To sign on, members of Congress should contact Artie Mandel with Mr. Pascrell or Phillips Hinch with Mr. Reed.