Bill would double LIHTC in Katrina areas

Novogradac has details of a new Hurricane Katrina tax relief bill, HR 3769, introduced by Rep. Stephanie Tubbs Jones, D-Ohio. Provisions include a number of tax credits and breaks for victims of the disaster or those helping in the rebuilding. Among these are provisions specific to the Low-Income Housing Tax Credit: doubling the federal housing tax credit volume allowed to Alabama, Louisiana and Mississippi, granting "Difficult Development Area" extra-credit boosts to the Katrina disaster areas through 2007, and other incentives.