Tax Extenders Legislation Defeated in the Senate

On June 24, 2010, the Senate voted against passing H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010, also known as the tax extenders bill.  This bill would have extended, among other things, the Section 1602 low-income housing tax credit (LIHTC) exchange program through 2010. This is a loss to the affordable housing community, as it does not allow state housing finance agencies the option to exchange tax credits for cash, which could then be used to fund projects that cannot secure equity investors in 2010. This bill also would have made Gulf Opportunity Zone LIHTCs and Disaster LIHTCs eligible for the exchange program.  It is not known at this time if the Senate will reconsider H.R. 4213.