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Bill Containing Provisions to Boost LIHTC Allocation, Reduce Financed-By Test Fails to Advance in Senate
A cloture vote today to begin consideration of the Tax Relief for American Workers Act (H.R. 7024) in the U.S. Senate failed, 48-44, effectively ending the chances for the bill to advance as currently written.
WASHINGTON–Aug. 1, 2024–A cloture vote today to begin consideration of the Tax Relief for American Workers Act (H.R. 7024) in the U.S. Senate failed, 48-44, effectively ending the chances for the bill to advance as currently written. The $79 billion bipartisan legislation, which passed the House of Representatives in January, included provisions to restore the 12.5% increase in annual 9% low-income housing tax credit (LIHTC) allocation for 2023-2025 and to decrease the private activity bond (PAB) financed-by threshold for 4% LIHTC-financed properties from 50% to 30% for PAB allocations made in 2024-2025. Some of the bill's provisions could still be included in legislation later in this congressional session.
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