House Passes Tax Reform Legislation; Senate Committee Debate Continues

Thursday, November 16, 2017 - 11:30AM

The U.S. House of Representatives today passed by a 227-205 vote The Tax Cuts and Jobs Act (H.R. 1). The legislation would repeal the new markets tax credit (NMTC), historic tax credit (HTC) and tax-exempt status for private activity bonds, including multifamily housing bonds that trigger four percent low-income housing tax credits (LIHTCs), while cutting the top corporate tax rate to 20 percent, effective Jan. 1, 2018. No House Democrats voted for H.R. 1, and 13 House Republicans voted no. The Senate Finance Committee is discussing the Senate version of the bill, which in the latest version would retain the NMTC and tax-exempt status for bonds, while retaining the 20 percent HTC, but dropping it to 10 percent.

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