releases: http://sablan.house.gov/press-release/tax-extension-package-packed-good-news-nmi
Data license: MIT · Data source: dwillis/congress-press
This data as json
| url | title | date | year | month | party | chamber | state | member_name | bioguide_id | domain | scraper | source | date_source | text | has_text | collected_at | updated_at |
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| http://sablan.house.gov/press-release/tax-extension-package-packed-good-news-nmi | Tax extension package packed with good news for NMI | 2014-12-12 | 2014 | 2014-12 | Independent | Senate | MP | Gregorio Sablan | S001177 | sablan.house.gov | legacy | Tax extension package packed with good news for NMI Dec 12, 2014 The House passed a one-year extension of tax expenditures this week, H.R.5771 including an extension of the American Opportunity Tax Credit’s (AOTC) special treatment of mirror-code territories, and the 9 percent rate floor on the Low-Income Housing Tax Credit (LIHTC), which increases the attractiveness of new low-income housing investments in the NMI. As a mirror-code territory, the NMI mirrors the federal tax code; however, the onus for paying for credits in the code is placed on the local and not the federal treasury. With the extension and special provision attached to the AOTC, not only can qualified higher education expenses incurred by NMI residents be credited against his or her tax liabilities up to $2,500, but the U.S. Treasury will pay the NMI the amount equal to the cost of issuing the credit. The extension of the LIHTC rate floor is great news to the NMI, as well. The LIHTC Program is an indirect federal subsidy used to finance the development of affordable rental housing for low-income households. Developers of affordable housing have already realized the potential of the LIHTC program in the NMI, and new housing developments are on their way to providing low-cost housing choices for our island’s residents. The bill now moves on to the U.S. Senate for further action. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |