Affordable Housing and Tax Credit Developments NationallyTemporary Payroll Tax Cut Continuation Act of 2011

January 11, 2012by George Danneman

The President signed into law the Temporary Payroll Tax Cut Continuation Act of 2011, on December 23rd.  This is a bill which included a two-month extension of the payroll tax holiday and unemployment insurance benefits, as well as other provisions. The $30 billion year-end tax extenders bill will be paid for through increased rates on Fannie Mae and Freddie Mac guarantee fees and Federal Housing Administration insurance premiums. Even though this extension will expire on February 29, Congressional leadership has appointed members to a conference committee that will begin work on a full-year extension bill once the House and Senate convene again in mid-January.

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