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Tax Extenders Package Includes Expanded Rehab Credits for Disaster Zone Areas
Historic Preservation Blog from PreservationDirectory.com - Federal Rehab, New Market Tax Credits, Senate Majority Leader Harry Reid, Midwestern Floods
Contributed By: The National Trust for Historic Preservation's Department of Public Policy
Email The Author: pr@nthp.org
Website: http://www.nthp.org

The Senate passed the tax extenders package (HR 6049) on Tuesday by a 92-3 vote with our provisions for extending the federal rehab and New Market tax credits for another year in the Gulf states affected by Hurricanes Katrina and Rita, as well as similar provision boost in the rehab credit for buildings damaged in the Midwestern floods. The bill was taken up by the House where it has been divided into four parts: a mental health parity bill (HR 6983), the one-year AMT patch (HR 7005), disaster assistance tax credits (HR 7006), and the tax credits for renewal energy (HR 7060). The House passed the mental health parity bill on Tuesday and the AMT patch and disaster relief bills under suspension on Wednesday which meant Members did not have to formally waive the pay-as-you-go (PAYGO) rules. However, the energy tax credits will have to comply with PAYGO rules. Unfortunately, the “Disaster Relief Tax Act of 2008” (HR 7006) does not contain the rehab and new market credit extensions language as passed in the Senate.

Senate Majority Leader Harry Reid (D-NV) stated earlier in the week that if the House tinkered with the Senate-passed package, in all likelihood the bill would expire sincere there’s precious little time to negotiate or conference the competing versions of the extenders package. However, it now appears the Senate will be in an abbreviated session next week after the Rosh Hashana holidays on Monday and Tuesday, which may provide some breathing room to negotiate a compromise on offsets for the package.

Reprinted by permission of the Public Policy Department of the National Trust


Keywords: Federal Rehab, New Market Tax Credits, Senate Majority Leader Harry Reid, Midwestern Floods

Posted: September 29, 2008
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