Tax Extenders Presents Opportunity to Advance Provisions in Affordable Housing Improvement Act
Last week, the U.S. House of Representatives passed a series of bills making permanent the individual and small business tax cuts enacted in the Tax Cuts and Jobs Act of 2017. The series of bills makes other changes to the tax code related to business innovation and pensions.
Those bills now head to the U.S. Senate – where they are not expected to be considered, at least before the November midterm elections. There were no provisions directly related to the Housing Credit or Housing Bonds included in these bills.
Ways and Means Committee Chairman Kevin Brady (R-TX) has signaled that House tax leaders are speaking with their Senate counterparts about legislation related to tax extenders that Congress could consider after the elections.
Though Senate leadership has been signaling interest in taking up tax extenders this year, this is the first time House leadership has shown openness as well.
Should tax extenders advance as part of larger tax legislation this fall, which may also include technical provisions and other tax provisions, it may present an opportunity to advance provisions from the Affordable Housing Credit Improvement Act (S. 548/H.R. 1661).
To position the Housing Credit as strongly as possible going into any potential negotiations in the lame duck session, the ACTION Campaign encourages all stakeholders to continue conducting outreach to your elected officials to both urge them to sign on if they haven’t already and thank current co-sponsors for their continued support. U.S. Representatives.
These NJ members have endorsed the legislation.
If your Representative has not signed on to co-sponsor HR 1661, click here to find out how you can reach out and encourage him or her to become a co-sponsor.
According to the National Low Income Housing Coalition (NLIHC) 2018 Out of Reach report, in New Jersey, a household earning minimum wage earning 8.60/hour would need to work 107 hours a week to afford a modest 1-bedroom rental home at Fair Market Rent.
According to the ACTION Campaign, in NJ:
- 329,669 households pay more than half of their monthly income on rent, leaving too little for other expenses like health care, transportation and nutritious food.