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Legislation News & Report (TM) TheWeekInCongress.com (TM) Managing America: Disaster Relief |
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TheWeekInCongress.com (TM) Week Ending March 30, 2006
H.R.1562 To amend the Internal Revenue Code of 1986 to extend and expand certain rules with respect to housing in the GO Zones.
Hurricane Katrina’s aftermath brought forth the Gulf Opportunity Zones known as Go Zones. Go Zones waived many procedural stumbling blocks to getting funds into the Gulf region and qualifying recipients of the funds.
Time is the essence given grace in this bill that extends the opportunity for making low-income housing credit allocations as long as the properties are in the Katrina, Rita or Wilma GO Zones and if the building will be put into service before January 1, 2011. The overall program is extended through December 31, 2010.
Loan arrangements will not take into account community block grants when determining if the building is federally subsidized and a loan shall not be treated as a below market Federal loan simply because of other Federal assistance involved in the property.
The tax code is amended to include any repair or reconstruction in a Go Zone shall be treated as a qualified rehabilitation. A qualified Go Zone repair is a repair of damage caused by Katrina, Wilma or Rita if the spending for the repair is 25% or more of the mortgager’s adjusted basis in the residence.
A study is ordered of the practices employed by State and local governments and subdivisions in allocating tax incentives provided by the Gulf Opportunity Act of 2005.
The bill readjusts from last year the percentage that a corporation must cover on estimated taxes from 106.25% to 106.45%.
Sponsor: Rep. Charles B. Rangel (D-NY-15th) Vote: Passed House by voice vote March 26, 2007 Cost to the taxpayers: No discernible cost. The bill does not appropriate Earmark Certification: Not applicable to this bill. ## All Rights Reserved. © 2007 TheWeekInCongress.com(TM) No reproduction, language translation or distribution without written permission from TheWeekInCongress.com.(TM) TM)
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