The Senate Finance Committee approved a set of key tax provisions, including extending the flat 9 percent rate for low-income housing tax credits (LIHTCs) and establishing a 4 percent minimum rate for LIHTC acquisitions of housing that is not federally subsidized.

The Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act would extend the 9 percent rate for allocations made before Jan. 1, 2016. The bill also extends the New Markets Tax Credit for two years.

“Without the New Markets Tax Credit, communities mired in poverty would lose a proven tool to draw investments and jobs,” said Committee Chairman Ron Wyden (D-Ore.).

While this was a critical first step, the legislation still has a long way to go. House Ways and Means Committee Chairman Dave Camp (R-Mich.) has said he wants to look at which extenders should be made permanent.

Details about the EXPIRE Act can be found here.