5-Year Carryback Legislation Introduced
12/1/2009 ~ There is light at the end of the tax credit tunnel thanks to the work of Congressman Pascrell (D-NJ) who recently introduced HR-4109. This bill would permit the carryback of LIHTC for 5 years effective for taxable years beginning after December 31, 2007.
We have also been advised that Congressman Rangel, Chairman of Ways and Means, will be introducing a Jobs bill including provisions to extend the Exchange program for 9% tax credits and expand eligible investors to include S corporations. We are hopeful, but not assured, that the Chairman will eventually agree to include the 4% credit as part of the Exchange program. If you have not done so already, please contact your representative and urge them to support the extension of the Exchange program and to include 4% credits as part of the program.
