Senate bill (S. 1795) and House bill (H.R. 3110) aim to provide tax relief to communities hit by natural disaster between 2012 and 2015.
One provision of the National Disaster Tax Relief Act would allocate more housing credits to affected areas at $8 per person or 50 percent of a state’s annual Housing Credit ceiling, whichever is higher. This provision would apply to communities hit by future natural disasters, in addition to those impacted between 2012 and 2015, which would allow for a more timely response to the need for rental housing.
Community development entities serving disasters areas would also be eligible to compete for an additional $500 million NMTC allocation for each year from 2012 through 2015, accelerating the revitalization of the most distressed neighborhoods.
The Senate bill is sponsored by Senators David Vitter (R-La.), Bill Cassidy (R-La.) and Charles Schumer (D-N.Y.), has 9 additional co-sponsors.
The House bill was introduced by Representatives Tom Reed (R-N.Y.-23) and Bill Pascrell (D-N.J.-9) has 19 additional co-sponsors – 12 Republicans and 7 Democrats.
