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On July 16, bipartisan bills were introduced in both the House and the Senate to provide tax relief to communities affected by natural disasters from 2012 to 2015. The legislation includes provisions to increase allocations of low-income housing tax credits and new market tax credits. The National Disaster Tax Relief Act would provide an increased LIHTC allocation equal to the higher of $8 per person in qualifying disaster areas or 50 percent of a state’s annual LIHTC ceiling.
