Brady Releases New Tax Reform Proposal

House Ways and Means Committee Chairman Kevin Brady (R-TX) has released a framework outlining key goals for tax legislation he intends to introduce this Fall as a follow-up to the tax reform legislation enacted last year. The bill, commonly referred to as "Tax Reform 2.0," would make permanent individual and small business tax rates enacted on a temporary basis in the 2017 bill, encourage retirement and other types of savings vehicles, and provide tax write-offs to start-up businesses. While it is unlikely that Congress would pass Tax Reform 2.0 legislation, as the bill would require 60 votes in the Senate, NCSHA will be following it closely and advocating against any potential effort to eliminate or reduce authority for private activity Housing Bonds. The House-passed version of the 2017 tax reform bill would have eliminated all private activity bonds in order to raise revenue to help offset the cost of tax changes in that bill. Though the framework for tax cut does not include information about potential revenue raisers, Chairman Brady has publicly expressed concerns about private activity bonds since the passage of the 2017 tax reform legislation.

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