SIGN ON TO PRESERVE LIHTC AND NMTC DURING TAX REFORM

Friday, July 12, 2013 - 7:00am

Because Senate Finance Committee Chairman Max Baucus, D-Mont., and Ranking Member Orrin Hatch, R-Utah, have proposed a “blank-slate” approach as a starting point for tax reform, the Senate Finance Committee will begin its deliberations with a tax code devoid of all tax credits. Senators have until July 26 to submit proposals to be considered during the crafting of the committee’s bill. Sens. Baucus and Hatch say they will give special attention to proposals that are bipartisan.

Each tax credit will only be added back to the tax code if enough senators make a compelling case for it. As such, supporters of the low-income housing tax credit (LIHTC) and new markets tax credit (NMTC) are circulating a sign-on letter urging the Senate to include the LIHTC and NMTC in the reformed tax code.

Affordable housing and community development supporters are encouraged to sign on to the organizational support letter by July 17.