WASHINGTON -- President Bush has signed into law legislation that extends through June 30, 1992, the tax exemptions for mortgage revenue bonds and small-issue industrial development bonds and the low-income housing tax credit.
Under prior law, the three tax breaks had been set to terminate at the end of this month.
The extensions appeared to be in serious jeopardy for most of the year. In previous years, they were attached to tax increase legislation needed to help reduce the deficit. But last year's budget agreement obviated the need for such a tax bill in 1991, leaving the expiring provisions without a vehicle.
Then in mid-November, a few days before Congress adjourned, lawmakers suddenly approved six-month extensions for the entire group of 12 expiring provisions. President Bush signed the bill into law Tuesday.
When the extensions were approved by his panel, House Ways and Means Committee Chairman Dan Rostenkowski, D-Ill., said that was the last time he wanted his committee to approve a temporary extension of the provisions. He said his panel will examine each one next year with an eye toward making some permanent and allowing others to die.