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.
Congress and the Administration released a "Unified Framework for Fixing Our Broken Tax Code" that explicitly preserves the Low-Income Housing Tax Credit. Enterprise thanks Congress and the Administration for recognizing the value of this critical affordable housing development tool.
Enterprise is calling on Congress and the Administration to provide increased allocations of the Housing Credit and NMTC as part of any recovery package. We are also part of broad coalition of advocates calling on Congress to advance these reforms among other affordable housing and community development provisions. Organizations may sign on to support these principles through Wednesday, September 27.
The Senate passed a $15.25 billion relief and recovery package for Harvey survivors that, thanks to an amendment from Majority Leader Mitch McConnell, includes $7.4 billion for HUD's Community Development Block Grant Disaster Recovery (CDBG-DR) program for major declared disasters occurring in 2017.