Senate Passes Stimulus Legislation That Would Give Multifamily a Boost
The National Association of Home Builders (NAHB) today applauded Senate passage of economic stimulus legislation that would benefit the multifamily industry, including provisions that stimulate the production of affordable housing.
The Senate bill includes several provisions that will help small businesses and bolster the housing market. The legislation would:
- Provide a $15,000 tax credit applicable to condominium purchases;
- Increase bonus depreciation and Section 179 small business expensing;
- Allow a five-year carry back for net operating losses;
- Provide $2 billion in gap financing for the Low Income Housing Tax Credit (LIHTC) program and accelerate credit claims for LIHTC investors;
- Provide up to a 10-year deferral for income taxes arising due to cancelled or restructured business debt;
- Extend the New Markets Tax Credit; and
- Provide an Alternative Minimum Tax patch for 2009.
The package now heads to a House-Senate conference to resolve differences between the two versions. A compromise measure is expected towards the end of the week. NAHB will keep you updated.
For more information, e-mail Carmel McGuire or call her at 800-638-5242 x8207.
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