Senate Plan Could Eliminate LIHTC Deadline to Act July 26th
On June 27, Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) distributed a ‘Dear Colleague‘ letter to all Senators outlining a ‘blank slate‘ approach to tax reform and asking members to weigh in on which provisions should be retained or added.
In the interest of a ‘simpler, more efficient and fairer tax code,’ the approach would start by eliminating all ‘special provisions in the form of exclusions, deductions and credits and other preferences’ unless they have sufficient support from Senators.
This “blank slate” framework means that the Senate Finance Committee will approach tax reform with the Housing Credit eliminated from the tax code, and it will only be added back in if enough Senators make a compelling case for it.
In order for the Housing Credit to remain in the tax code, Senators Baucus and Hatch will need to hear from their colleagues in the Senate about the importance of protecting the Housing Credit in the Senate’s draft tax reform bill by July 26. They are soliciting feedback from all members of the Senate – not just the members of the Senate Finance Committee who have previously been the most involved in shaping tax reform legislation – so outreach in every state is needed.
We urge you to make sure your Senator hears from you before July 26 with the following key messages:
The Housing Credit should be retained in the code, and
Hold a meeting with your Senator in his or her district office or in Washington, D.C., using our talking points, Housing Credit presentation, state fact sheets and other materials from our Advocacy Toolkit. Our ACTION National Consensus Proposal has nearly 500 signatories, representing all 50 states – use this to show your Senator which organizations from his or her home state have signed on.
Invite your Senator to tour a Housing Credit property. Members of Congress who have visited Housing Credit properties firsthand are the strongest supporters of the program. For details and guidance on how to arrange an event like a ground breaking or ribbon cutting, you can use our Housing Credit Property Event Guidelines and the Affordable Housing Tax Credit Coalition’s complete Grand Opening Guide.
Call or write a letter to your Senator. Click here for NJ contact information.