Congress Considers Tax Relief as Disaster Recovery Efforts Continue

On September 28, Congress approved legislation introduced by Ways and Means Chairman Kevin Brady (R-TX-8) to provide limited tax relief to the communities affected by Hurricanes Harvey, Irma and Maria. This legislation does not include any affordable housing or community development provisions, although additional disaster tax relief legislation containing these provisions may still be considered. Rep. Tom Reed (R-NY-23) reintroduced the Natural Disaster Tax Relief Act (H.R. 3679) last month, which would provide a broad tax relief package that includes increased allocations of the Housing Credit and NMTC to federally declared natural disasters from 2012 through 2015. While no legislation has been introduced that would provide similar relief for the more recent disasters, members of Congress representing these communities may still introduce such legislation in the coming months. Read more about disaster tax relief legislation on Enterprise’s blog.

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