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Congress has passed and the president, on Dec. 18, signed the Protecting Americans from Tax Hikes (PATH) Act of 2016. The legislation makes permanent the minimum 9 percent low-income housing tax credit (LIHTC) applicable percentage or rate for federally unsubsidized developments. This doesn’t apply to the acquisition cost of existing projects or projects that use tax-exempt bond financing. These projects must still use the floating 4 percent tax credit percentage. This amendment is retroactively effective as of Jan. 1, 2015.
