Reps. Ron Kind (D-WI), Spencer Bachus (R-AL), Richard Neal (D-MA), and Terri Sewell (D-AK), and Sens. John Kerry (D-MA), and Scott Brown (R-MA), yesterday introduced H.R. 2718 and S. 1456, respectively. The Disaster Tax Relief Act of 2011 would provide an additional $250 million in annual New Markets Tax Credit (NMTC) allocation authority for community development entities (CDEs) to make qualified low-income community investments (QLICIs) in federally declared disaster areas. The bill would also give allocation priority to CDEs that have track records of providing capital or technical assistance to businesses or communities within the area or areas for which the NMTC allocation is being requested. The provisions of the Disaster Tax Relief Act of 2011 would be effective for major disasters declared after December 31, 2010. Read More…