Among investors set to benefit are foreign property buyers and those who invest in energy-efficient features.
Source: nreionline.com
Congress gave a nice Christmas present to the apartment building industry in the omnibus budget package, passed just before the holidays.
The budget package includes a long list of good things for apartment investors. International investors finally got some relief from the punishing Foreign Investment in Real Property Act (FIRPTA). Affordable housing investors will benefit from the extension of provisions to the federal low-income housing tax credit (LIHTC).
Congress also renewed bonus depreciation, small business expensing and the New Markets Tax Credit Program, in addition to tax benefits that reward energy-efficient buildings.
The bill passed through both houses of Congress December 18, and President Obama signed it the same day.