Enterprise's Michelle Whetten writes in The Advocate that Louisiana and communities across the country cannot afford to lose the resources necessary to create and preserve affordable homes and to strengthen local economies.
Yesterday, the House passed its tax reform bill, which would have devastating impacts on affordable housing and community development. The Senate also passed its tax reform bill out of Committee yesterday and will plan to send the bill to the Senate floor for a vote the week of November 27. Now is the last opportunity advocates may have to advocate for the Housing Credit, Housing Bonds and NMTC in the tax reform process.
The Senate tax reform proposal retains the Housing Credit and the tax-exemption on private activity bonds (including multifamily Housing Bonds), and preserves the New Markets Tax Credit through 2019. Enterprise thanks the Senate Finance Committee for recognizing the value of these critical affordable housing and community development programs, and urges Congress to retain Housing Bonds and ensure that Housing Credit production is sustained as tax reform progresses.
Congress passed a budget resolution that paves the way for comprehensive tax reform to be accomplished in fiscal year (FY) 2018. Now is a critical time for all Low-Income Housing Tax Credit and New Markets Tax Credit advocates to make the case for retaining and strengthening these programs in tax reform.
The House Ways and Means Committee introduced tax reform legislation today that would have significant impacts on affordable housing and community development programs. The legislation proposes retaining the Housing Credit, eliminating the New Markets Tax Credit and eliminating the tax exemption on private activity bonds.