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LOW-INCOME HOUSING TAX CREDIT

S. 1989/H.R. 3661 Introduced Dec. 14, 2011 12 Bipartisan Cosponsors : Snowe , Bingaman, Brown, Cardin, Collins, Crapo, Franken, Kerry, Lieberman, Menendez, Bill Nelson, Sanders. LOW-INCOME HOUSING TAX CREDIT. The LIHTC was originally enacted as part of the Tax Reform Act of 1986.

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LOW-INCOME HOUSING TAX CREDIT

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  1. S. 1989/H.R. 3661Introduced Dec. 14, 2011 12 Bipartisan Cosponsors: Snowe, Bingaman, Brown, Cardin, Collins, Crapo, Franken, Kerry, Lieberman, Menendez, Bill Nelson, Sanders LOW-INCOME HOUSING TAX CREDIT

  2. The LIHTC was originally enacted as part of the Tax Reform Act of 1986. Due to the extraordinary low cost of federal borrowing in recent years, Congress adjusted the formula in 2008. In 2008, the Housing & Economic Recovery Act (P.L. 110-289) temporarily established a minimum 9% tax credit rate for the LIHTC. This tax credit is set to expire at the end of 2013. If Congress does not extend this credit, the floating credit rates will apply to credit allocations that the states make beginning in 2012 since most of those properties will not be placed in service until after 2013. Without the fixed rate, the amount of equity that properties receive will be reduced and it will become more challenging to develop LIHTC-assisted projects. Low-Income Housing Tax Credit Legislative History

  3. S. 1989 would make permanent the minimum 9% low-income housing tax credit rate for new buildings that are not federally subsidized and establishes a minimum 4% low-income housing tax rate for existing buildings that are not federally subsidized. At the very least, Senator Cantwell would like the LIHTC to be extended as a part of any tax package passed by Congress this year so that the program can continue to operate until it can be made permanent. LIHTC Legislative Action To ensure strengthen the LIHTC program and provide greater consistency and stability, Senators Cantwell and Snoweintroduced S. 1989

  4. LIHTC Congressional Advocacy Tips • Reach out to your Member of Congress • Be specific • Be clear and concise • Provide State or District data • Request a meeting, phone call or simply follow-up with the tax or housing staffer • Visit senate.gov or house.gov • What is your ask? • Staff is spread thin; the easier to understand, the greater the impact • Members want to know how the bill will impact their constituents, quantifiable data is important • Most staffers will try to speak to you; however, leaving a message can be just as effective

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