House GOP Tax Reform Task Force Releases Report

Friday, June 24, 2016 - 2:45pm

The House Republicans Tax Reform Task Force today released a blueprint and two-page summary calling for three individual tax brackets and the reduction of individual and business tax rates. The blueprint made no mention of the low-income housing tax credit (LIHTC), new markets tax credit (NMTC), historic tax credit (HTC) and the renewable energy investment tax credit (ITC) and production tax credit (PTC), but said that it “generally will eliminate special-interest deductions and credits in favor of providing lower tax rates.” The House Ways and Means Committee is expected to turn the blueprint into legislative language before Jan. 20, 2017, when the next president is inaugurated.

Tune into the June 28 episode of Tax Credit Tuesday for more information.