On Monday, December 6, 2010, President Obama announced a tentative deal with the Congressional Republicans on the tax cut package.
The tax cut package at this time, subject to changes as it moves through the House and Senate for approval, includes a number of important components, several of which directly impact the real estate industry.
The legislation would extend the NMTC (including AMT offset for QEIs between March 15, 2010 and January 1, 2013) for 2010 and 2011.
Some of the other items being considered for the tax cut package are the extension of the Section 1602 Cash Grants for the Low Income Housing Tax Credit and the Building America Bonds.
The items that appear to be off the table for consideration at this time include extension of the 1603 Renewable Energy Cash Grants, Section 48C Advanced Manufacturing Energy Tax Credits, and $1 Billion Housing Trust Fund.
All the details of the tax cut package still need to be ironed out, and the package has to pass through Congress so look for updates as the discussions continue.
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