The outcomes of the November elections have increased the likelihood of legislation that could have a major impact on the Low-Income Housing Tax Credit (Housing Credit) in 2017. In his acceptance speech, President-elect Donald Trump said that investing in America’s infrastructure will be a top priority for his administration, and the Housing Credit could be expanded in this context given its tangible and significant impacts for residents, communities and local economies. Infrastructure legislation may move on its own or as part of broader tax reform legislation, which also poses risks to the Housing Credit and multifamily Housing Bonds. Tax reform will also be a top priority in 2017, and poses significant threats to the Housing Credit and tax-exempt multifamily Housing Bonds. Both House Speaker Paul Ryan’s (R-Wis.-1) tax reform plan and President-elect Trump’s propose eliminating nearly all tax expenditures in order to lower corporate tax rates, and both were silent on whether the Housing Credit and Housing Bonds would be among the expenditures removed.
The ACTION Campaign is circulating a sign-on letter urging the Trump administration and Congress to prioritize the Housing Credit as they consider reforms to the nation’s tax code and investments in the nation’s infrastructure. The letter calls on the administration and Congress to 1) ensure that the Housing Credit and Housing Bonds are held up as positive examples of the power of the tax code to improve communities by ensuring their continued viability under tax reform, and 2) expand and strengthen the Housing Credit to increase the availability of safe and affordable housing and revitalize local economies. Sign on to support the Housing Credit by Friday, December 2.
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