Wednesday, September 22, 2010
New Senate Bill would extend NMTCs and LIHTC grant exchange
The Job Creation and Tax Cut Act of 2010, introduced last week, has several key provisions that would impact tax credits, if it passes. Of particular interest are provisions that would extend the New Markets Tax Credit program for one year, extend the Section 1602 Low Income Housing Tax Credit grant exchange program for one year, and allow New Markets Tax Credits to offset the alternative minimum tax for a limited time. Click here to see the full text of the bill or get a summary of the bill's provisions here.