Congress Extends Key Tax Credit Provisions

Washington, D.C. – Jan. 2, 2013 — The U.S. House of Representatives last night voted 257-167 to approve legislation aimed at avoiding the so-called fiscal cliff that also includes a number of key tax extender provisions. The bill, H.R. 8, the American Taxpayer Relief Act of 2012 had been approved by the Senate by a vote of 89-8 earlier in the day.

H.R. 8 extends the New Markets Tax Credit (NMTC) for two years, providing a maximum annual amount of qualified equity investments of $3.5 billion each year. The bill also extends the 9-percent low-income housing tax credit (LIHTC) floor for LIHTC allocations made before Jan. 1, 2014. H.R. 8 also includes one-year extensions of 50-percent bonus depreciation and the wind production tax credit (PTC).