Revised Tax Relief Package Retains LIHTC Veterans Provision
Rep. Kevin Brady, R-Texas, chairman of the House Ways and Means Committee, recently introduced a revised year-end tax relief package that continues to include a provision to clarify that veterans are a specified group for purposes of the LIHTC program. Some industry members had raised concerns that while Section 42 allows LIHTC projects to include preferences for veterans, Section 142, which governs tax-exempt bonds, contains no similar exemption from the public use requirements. The included fix would clarify that veteran-focused LIHTC projects that rely on bonds are permitted.
The legislation also includes disaster tax relief and several minor, time-sensitive technical corrections to the tax reform legislation passed last year.