The National Disaster Tax Relief Act has been reintroduced by Reps. Tom Reed (R-NY) and Bill Pascrell (D-NJ). If enacted, areas that experienced federally-declared disasters from 2012 – 2015 would receive additional allocations towards tax credit programs:
- Low Income Housing Tax Credit: an increase limited by the greater of $8 multiplied by the populations of the qualifying disaster areas in the state in question, or 50 percent of the state housing credit ceiling (without regard to the disaster increase) for 2015.
- New Markets Tax Credit: Additional $500 million to CDEs serving affected areas.
- Historic Tax Credit: Increase the 20% HTC to 26% and the 10% HTC to 13% for structures located in affected areas.