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Senate Finance Committee Advances Tax Reform Legislation

Friday, November 17, 2017 - 9:45AM

The Senate Finance Committee advanced the Tax Cuts and Jobs Act Thursday, moving the tax reform legislation to the full Senate for consideration. The 14-12 vote was along party lines and came the same day as the House of Representatives passed its version of the legislation. Unlike the House bill, the Senate version retains the new markets tax credit (NMTC) through 2019; retains tax-exempt private activity bonds, which help finance more than half of affordable rental housing each year; and retains the historic tax credit (HTC) at 20 percent of qualified rehabilitation expenditures but requires it be claimed over five years instead of at placed in service under current law. The Senate version of the legislation is silent on renewable energy, but  does not include extensions of “orphaned technologies” for the investment tax credit, which is a provision of the House bill. Both versions of the legislation retain the 9 percent low-income housing tax credit (LIHTC). The full Senate is expected to take up the bill after the Thanksgiving break.

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