Code Section 1400N
| Code Section | Effective Date | Name of Act | Name of Provision | 10yr Revenue Estimate ($millions) |
|---|---|---|---|---|
| 1400N(c)(5) | 12/17/2010 | The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 | Low-income housing credit rules for buildings in Gulf Opportunity Zones | -314 |
| 1400N(a) | 12/17/2010 | The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 | Tax-exempt bond financing for the Gulf Opportunity Zones | -226 |
| 1400N(d)(6) | 12/31/2009 | The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 | Bonus depreciation deduction applicable to specified Gulf Opportunity Zone extension property | -202 |
| 1400N(h) | 12/31/2009 | The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 | Increase in rehabilitation credit in the Gulf Opportunity Zone | -50 |
Low-income housing credit rules for buildings in Gulf Opportunity Zones
Explanation of Provision
The provision extends the placed-in-service deadline (for one year) to December 31, 2011.
Tax-exempt bond financing for the Gulf Opportunity Zones
Explanation of Provision
The provision extends authority to issue Gulf Opportunity Zone Bonds for one year (through December 31, 2011).
Bonus depreciation deduction applicable to specified Gulf Opportunity Zone extension property
Explanation of Provision
The provision extends for one year through December 31, 2011, the date by which specified Gulf Opportunity Zone extension property must be placed in service to be eligible for the additional first year depreciation deduction. In the case of nonresidential real property or residential rental property, the adjusted basis of such property attributable to manufacture, construction, or production before January 1, 2012 is eligible for the additional first-year depreciation.
Increase in rehabilitation credit in the Gulf Opportunity Zone
Explanation of Provision
The provision extends for two additional years the increase in the rehabilitation credit from 20 to 26 percent, and from 10 to 13 percent, respectively, with respect to any certified historic structure or qualified rehabilitated building located in the Gulf Opportunity Zone. Thus, the increase applies for qualified rehabilitation expenditures with respect to such buildings or structures incurred before January 1, 2012.
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