The ACTION Campaign and our Congressional partners have been hard at work to finalize both the Senate and House versions of the Affordable Housing Credit Improvement Act (AHCIA). We are expecting the reintroduction of the bipartisan bill at the start of the June working session. As soon as the AHCIA is reintroduced, ACTION will share an update, including a summary of the bill, and we will call on our partners to sign on to a letter urging Members of Congress to support the advancement of this critical legislation.
Senate Finance Committee Forming Bipartisan Taskforces to Examine Certain Expiring/Expired Tax Provisions
On May 16, Senate Finance Committee Chairman Chuck Grassley (R-IA) and Ranking Member Ron Wyden (D-OR) announced that the Senate Finance Committee is forming six bipartisan taskforces to examine a total of 42 temporary tax provisions that expired, or will expire, between December 31, 2017 and December 31, 2019. In his remarks on the Senate floor, Chairman Grassley noted that the taskforces will be charged to examine the temporary tax policies and to work with stakeholders, other Senate offices, and interested parties “to consider the original purpose of the policy and whether the need for the provision continues today.” The taskforces will be asked “to identify possible solutions that would provide long-term certainty” for each of the 42 expired or expiring tax provisions, which may mean: elimination; a phase-out; a scale-back in exchange for long-term extension or permanency; a short-term extension as is; a long-term extension as is; or permanency. Senator Grassley also noted that the taskforces will complete their efforts by the end of June.
Of the six bipartisan taskforces, the Employment & Community Development Taskforce is expected to consider the New Markets Tax Credit (NMTC) and would also be the taskforce interested in other community development tax provisions such as those related to the Housing Credit. The Employment & Community Development Taskforce will be co-led by Senators Rob Portman (R-OH) and Maria Cantwell (D-WA), and also includes Senators Tim Scott (R-SC), James Lankford (R-OK), Todd Young (R-IN), Ben Cardin (D-MD), Sherrod Brown (D-OH), and Catherine Cortez Masto (D-NV).
Public comments can be submitted to the Employment & Community Development Taskforce at Employment&Development_Taskforce.
To view Chairman Grassley’s press release, click here.
To view Chairman Grassley’s remarks, click here.
ACTION Submits Letter to House Financial Services in Response to Housing Infrastructure Hearing
On April 30, the House Financial Services held a hearing, Housing in America: Assessing the Infrastructure Needs of America’s Housing Stock. The ACTION Campaign submitted a letter for the record, thanking Chairwoman Waters for her dedication to affordable housing and encouraging the Committee to support the inclusion of provisions of the AHCIA bill in any infrastructure package, given the Housing Credit’s key role in financing affordable housing. Click here to view ACTION’s letter.