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