Leaders of the Senate Finance Committee, Max Baucus (D-MT) and Chuck Grassley (R-IA) yesterday sent a letter to Senate Majority Leader Harry Reid (D-NV) and Minority Leader Mitch McConnell (R-KY) with regards to expiring tax assistance provisions not included in the House-passed extenders legislation. The letter also states the Senators’ intention to take up legislation to address the expiring tax provisions in the Congress “as quickly as possibly in the new year.”
On December 9, the U.S. House of Representatives passed the Tax Extenders Act of 2009 (H.R. 4213) which provides approximately $31 billion in tax relief by extending through 2010 more than 40 provisions that are scheduled to expire at the end of 2009. Most notably, the legislation includes extensions for the NMTC program, Section 1602 Tax Credit Exchange Program, and GO Zone Tax Credit Program. A summary of H.R. 4213 is available here.
NH&RA will continue to monitor this legislation as new information is made available and provide updates through HousingOnline.com.