Congressmen Reintroduce National Disaster Tax Relief Act
Reps. Tom Reed (R-N.Y.) and Bill Pascrell Jr. (D-N.J.) have reintroduced the National Disaster Tax Relief Act, first introduced as H.R. 3110 in 2015. The bill would provide relief for disasters from 2012 to 2015 and make certain provisions permanent. When Reed and Pascrell introduced it in July 2015, it garnered 41 co-sponsors.
If enacted, areas that experienced federally declared disasters from 2012 – 2015 would receive additional allocations of LIHTCs. Each state would receive the greater of $8 per capita in disaster areas or 50 percent of the annual state ceiling.
The legislation also would make an additional $500 million in new markets tax credits available to community development entities or CDEs serving affected areas. The 20 percent historic rehabilitation tax credit (HTC) would be increased to 26 percent, and the 10 percent HTC would go up to 13 percent.