On June 27, Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) announced plans to pursue a “blank slate” approach to tax reform, meaning that all credits and deductions would be removed from the code “unless there is clear evidence that they:
help grow the economy,
make the tax code fairer, or
effectively promote other important policy objectives.”
Senators Baucus and Hatch have asked their colleagues to weigh in on which provisions should be retained or added to the tax code. We need to ensure that as many Senators as possible identify the Housing Credit and NMTC as tax expenditures that must be a part of the reformed tax code.
On Saturday the NY Times published an op-ed – Two Tax Credits That Work by Michael Rubinger, CEO of LISC. He makes a very strong case for preserving both the LIHTC and NMTC. Click here to read his op-ed.