On February 17, the House of Representatives and the Senate both passed H.R. 3630, which will provide an extension of the payroll tax holiday, unemployment benefits and restored Medicare reimbursement rate provisions. Unlike the previous extension passed in December 2011, this agreement does not include a offsetting revenue measure whereby it would be paid for through increased rates on Fannie Mae, Freddie Mac guarantee fees and FHA insurance premiums. In addition, noticeably absent from the deal is an extension to the New Markets Tax Credit tax provisions, which expired in December 2011.
To read more about the NMTC and what you can do to get involved with NMTC extension legislation and advocacy, visit NH&RA’s advocacy website.