House, Senate Hold Hearings on Tax Reform

Over the last two weeks, the House Ways and Means Committee held the first three of a series of hearings on tax reform. A “Hearing on How Tax Reform Will Grow Our Economy and Create Jobs” took place May 18, followed by a “Hearing on Increasing U.S. Competitiveness and Preventing Americans Jobs from Moving Overseas” on May 23 and a “Hearing on the President’s Fiscal Year 2018 Budget Proposals with U.S. Secretary of the Treasury Steven Mnuchin” on May 24. During the May 24 session, Representative Pat Tiberi (R-OH-12) spoke about the importance of continued funding for the CDFI Fund and the New Markets Tax Credit (NMTC) program. “I was pleased to see in your budget a request to fund the CDFI in order to maintain existing programs like the New Markets Tax Credit program,” said the Congressman to Secretary Mnuchin. “I hope that’s an indication that the Administration is supportive of the program, which has been effectively targeting investments in low-income communities both urban and rural across the country.”

The Senate Finance Committee also held its first hearing on tax reform last week, inviting Secretary Mnuchin to testify before the committee on May 25. During the hearing, Senator Sherrod Brown (D-Ohio) questioned Secretary Mnuchin on the administration’s proposals for certain programs in tax reform, including the Low-Income Housing Tax Credit (Housing Credit) and NMTC. Secretary Mnuchin indicated that he did not believe either the Housing Credit or the NMTC program were being considered for changes at this point, although he was clear that the administration is still reviewing all provisions in the tax code as it develops a more detailed plan. The Treasury Department did not issue a “Greenbook” as part of the Administration’s budget request, which is traditionally where an administration releases detailed tax proposals.

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