On February 8, Representatives Cedric Richmond (D-LA) and Charles
Boustany (R-LA) introduced H.R. 559. The bill would extend the Gulf
Opportunity Zone (GOZone) low income housing tax credits placed in
service date from January 1, 2012 to January 1, 2013. After the 2005
Gulf Coast storms, Congress allocated a significant increase of low
income housing tax credits to the Gulf Coast states to assist in
rebuilding efforts. The extension of the deadline by which GOZone tax
credits must be used will allow additional projects to come on line. The bill is similar to S. 30, introduced on January 25. Mr. Boustany is a member of the House Committee on Ways and Means, to which this bill was referred.