TAX REFORM UPDATE: Tax Reform Bill Passes and Awaits Signature
Congressional Republicans gathered at the White House yesterday afternoon to celebrate the passage of tax reform legislation. Congress completed action on the Tax Cuts and Jobs Act, H.R. 1, and after a short delay, both the House and Senate passed the legislation.
We thank all of our members again for taking the time to speak up and contact their Representatives and Senators during both the House and Senate version introductions and again when the legislation was combined into one final bill through the conference committee. We believe that without your participation and passion the final bill would not have preserved the areas where the Low-Income Housing Tax Credit Program was most at risk.
The final bill preserved the tax-preferred status on Private Activity Bonds (PAB's), including the Multifamily Housing Bonds (that trigger the 4% credit rate) and Historic Tax Credits. A great plus for affordable housing.
While there will still be much to be discovered in the final bill and we have yet to see how reducing the corporate tax rate will affect affordable housing production, we fought the good fight and should be proud that the voices of Multifamily Affordable Housing advocates (SAHMA members) were heard.