Join us for a call this Friday, September 11, at 2 p.m. EDT, where we will discuss the status of our Housing Credit legislative priorities as Congress returns from August recess.
Friday, September 11 @ 2:00 p.m. EDT
Participant code: 677-49-533#
Tax Reform and Tax Extenders
After returning from recess on September 8, Congress faces numerous legislative deadlines over the coming months. In the remaining weeks of September, Congress will review the Iran nuclear deal and work to pass a budget resolution on or before September 30, when government funding expires. In October, Congress will need to act to raise the debt limit and reauthorize highway funding legislation.
Though tax reform and tax extenders are not among these pressing deadlines, they may be included as part of an agreement on highway funding. House Ways and Means Chairman Paul Ryan (R-WI) has proposed international tax reform as a mechanism to fund transportation spending, though Senate Majority Leader Mitch McConnell has said he would prefer to keep tax reform and highway funding on separate tracks.
In addition to broader tax reform, it is possible that tax extenders could be included as part of a compromise on highway funding. The Senate Finance Committee approved a two-year tax extenders package in July that would strengthen the Housing Credit through minimum 9 and 4 percent credit rates. The House has taken a separate approach: rather than pass across-the-board temporary extensions, it has passed several permanent extensions of expired tax provisions – none of which affect the Housing Credit. Given these differences, the House and Senate will need to negotiate which extensions would be included in a tax extenders bill and the duration of the extensions.
Minimum Credit Rate Legislation
Join the ACTION Campaign
The ACTION Campaign now has over 1,000 members calling on Congress to support the Housing Credit and Housing Bonds. Join the campaign, or if you are already a campaign supporter, reach out to your partner organizations and encourage them to join the campaign as well.