Newly Signed Small Business Act Provides Some Benefits Regarding Credits
By Caitlin Jones
1 min read
Tax Credit Advisor — November 2010 — The Small Business Jobs Act of 2010 (H.R. 5297, P.L. 111-240) signed into law by President Obama on September 27 provides some minor benefits regarding tax credits and real estate. Congress recessed without taking final action on tax “extenders” legislation. Affordable housing and community development advocates hope lawmakers will pass this in the lame-duck session that begins in mid-November, particularly provisions to extend the low-income housing tax credit (LIHTC) Section 1602 exchange program and to reauthorize the new markets tax credit program. Reacting to the Small Business Jobs Act, CPA Marianne Heard, of Kevin P. Martin & Associates, P.C., Braintree, Mass., said, “We deal a lot with [LIHTC syndicators], and a lot of our developers are nonprofits. For us, there are some provisions that are helpful, but not as helpful as we had hoped”¦My clients would really like the exchange program to continue for another year.” The Act modestly expands the ability of small businesses to utilize federal general business tax credits. There are many of these, including low-income housing, historic rehabilitation, and new markets tax credits. Read More…
