Senators Propose Increase in Disaster Area Allocations

Sen. Charles Schumer, D-N.Y., recently introduced the National Disaster Tax Relief Act of 2014 (S. 2233), a bill that would increase the Low-Income Housing Tax Credit (LIHTC), New Markets Tax Credit (NMTC), and Historic Rehabilitation Tax Credit (HTC) allocations in states that included a federally declared disaster area in 2012 or 2013. For LIHTC allocations, each state would receive the greater of the amount of $8 multiplied by the state’s disaster-area population or 50 percent of the state housing credit ceiling for 2013.