Congressman Introduces Louisiana Flood and Storm Devastation Tax Relief Act of 2016
Rep. Charles Boustany, a Republican who is also the House Ways and Means Tax Policy Subcommittee Chairman, recently introduced a bill that would provide tax relief for victims of devastating storms and flooding that occurred in Louisiana this past August.
The bill would increase Louisiana’s state allocations of low-income housing tax credits for calendar years 2017 to 2019. Under the bill, the state of Louisiana would have an additional $18 multiplied by the population in the storm and flood disaster area of low-income housing tax credits to allocate. In addition, the low-income housing tax credit ceiling for Louisiana in calendar year 2017 would be increased by $3.5 million.
In addition to the special disaster allocation increase, the bill would designate the storm and flood disaster area as a “difficult development area.” For calendar years 2017 through 2019, nonmetropolitan disaster areas will be eligible to use the greater of national nonmetropolitan median gross income or area median gross income for purposes of the income test.