UPDATE ON CRITICAL LEGISLATION AFFECTING GO ZONE TAX CREDITS
For the past several months, the LAAHP has been in discussions with congressional leaders and other affordable housing advocates in a united effort to ensure the passage of a two-year placed-in-service date extension of GO-Zone tax credits until December 31, 2012 and inclusion of GO-Zone projects in the 1602 Exchange program. Here is an update on the status of federal legislation as of January 1, 2011:
- The Extension of the Placed in Service deadline for Go-Zone projects was included in the tax reform package passed by Congress during the" lame duck" session in December, 2010.
- The legislation extended the Placed in Service date to December 2011, a one-year extension rather than the 2 year extension originally under consideration.
- During the debate on the bill, Senator Landrieu (D-LA) argued that the 2 year extension was needed and received assurances on the record from the Republican leadership that this would be corrected early in the 112th Congress in early 2011.
LAAHP members are encouraged to contact their senators to push for passage of GO-Zone Placed in Service extension and Disaster Credit Exchange.