Please join us on Friday, June 30 at 2 p.m. EDT to discuss the latest developments related to Housing Credit legislation and tax reform.
Friday, June 30 @ 2:00 p.m. EDT
1.888.240.2560, participant code 677-495-333#
Senator Hatch Requests Comments on Tax Reform
Senate Finance Committee Chairman Orrin Hatch (R-Utah) recently launched the Senate’s formal process of soliciting ideas on tax reform with an taxreform2017 by July 17. The ACTION Campaign will be submitting comments urging Congress to preserve, strengthen and expand the Housing Credit and preserve Housing Bonds, and we encourage our partners to weigh in as well.
Speaker Ryan Takes Steps to Advance Tax Reform
On June 20, Speaker Paul Ryan (R-Wis.) gave a speech to the National Association of Manufacturers in which he expressed continued confidence that Congress can pass tax reform legislation this year. While Speaker Ryan did not provide new details on the House’s tax reform proposal, he emphasized that they would prioritize permanent rather than temporary changes, and comprehensive reform for both individuals and businesses. He also did not rule out the Trump Administration’s desired 15 percent top corporate tax rate, saying “it’s actually possible.” However, one of the major tenets of the House’s tax reform plan – the destination-based border adjustment tax – has failed to gain broad consensus, leaving those involved in tax negotiations to begin considering other ways to offset the revenue lost by lowering tax rates.
Affordable Housing Credit Improvement Act Reaches 20 Cosponsors in Senate, Over 60 in House
The Tiberi-Neal Affordable Housing Credit Improvement Act of 2017 (H.R. 1661) has now reached 63 co-sponsors (including Rep. Tiberi), with eight additional members signing on in support of the Housing Credit in the past two weeks. The most recent additions are Representatives Michael Turner (R-OH-10), Ed Perlmutter (D-CO-7), Brian Fitzpatrick (R-PA-8), Bill Johnson (R-OH-6), David Rouzer (R-NC-7), David Price (D-NC-4), Timothy Walz (D-MN-1), and Robin Kelly (D-IL-2).
There are also 20 co-sponsors on the Cantwell-Hatch Senate version of the bill (S. 548), with Senator Johnny Isakson (R-GA) – a member of the Senate Finance Committee – the most recent addition.
See the ACTION Campaign’s new handout making the case for enhancing the Housing Credit. And visit the ACTION Campaign’s Advocacy Toolkit for other advocacy materials, including bill summaries, bill text, "Dear Colleague" letters, sample letters to members of Congress requesting co-sponsorship, and more.
Housing Week of Action
Our Homes, Our Voices is hosting a Week of Action from July 22 – 29 with events planned across the country in support of critical affordable housing programs, many of which have been targeted for elimination in the Trump Administration’s budget request. The National Low Income Housing Coalition (NLIHC) has developed a suite of resources that can be used for local events, including posters, social media images, press releases and more, to support affordable housing programs. Affordable housing stakeholders are encouraged to participate in the events that have been scheduled or coordinate their own local events during the Week of Action.
Affordable Housing Advocates in Iowa Urge Congress to Expand the Housing Credit
In an op-ed in the Des Moines Register, Chris Hensley, a Des Moines city councilwoman, and Eric Burmeister, executive director of the Polk County Housing Trust Fund, make the case for supporting the Affordable Housing Credit Improvement Act as a critical step to support Iowa’s cost-burdened renters. In Iowa, more than 74,800 households are severally cost-burdened, meaning they spend more than half their income on rent each month, and an average minimum wage worker would need to work 80 hours a week to afford a modest two-bedroom apartment in the state.