The Buzz: House and Senate Negotiators Agree to Further LIHTC Changes
Date Published: 07/03/2008
Author: Buzz Roberts, LISC Senior Vice President for Policy
"The Buzz" from the July 2008 issue of Novogradac Journal of Tax Credit Housing.
A tentative agreement on low-income housing tax credit (LIHTC) modernization legislation between the U.S. House of Representatives and Senate negotiators would adopt almost all of the provisions approved by the House in May and make important improvements. The LIHTC package is part of a broader set of housing related tax changes, which in turn is part of a much larger housing stimulus bill that Congress has been negotiating for several months.
In the House, Ways and Means Committee Chairman Charles Rangel, D-N.Y., has consistently made the LIHTC a top priority in the housing tax title. But the Senate’s concurrence was by no means certain, since its previous housing bills had not addressed LIHTC changes. Sens. Maria Cantwell, D-Wash., and Gordon Smith R-Ore., were the leading LIHTC advocates, with the crucial support of Senate Finance Committee Chairman Max Baucus, D-Mont., and Ranking Member Charles Grassley, R-Iowa.
There are several major changes from the House bill in the tentative House-Senate agreement as it stood when Journal of Tax Credit Housing went to print.
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This article first appeared in the July 2008 issue of the Novogradac Journal of Tax Credit Housing and is reproduced here with
the permission of Novogradac & Company LLP.
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Topics: Housing, --Affordable Housing Finance & Development, Policy, --Housing
Type: Trade Article