In response to Senate Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Orrin Hatch’s (R-Utah) call for all senators to identify the specific tax expenditures that matter most to their constituents, NMHC/NAA joined a diverse coalition of real estate groups in sending a letter that outlined broad real estate tax reform principles.
The letter highlighted the ramifications of tax reform for the real estate industry, which is a significant contributor to the economy, employing 17.6 million Americans and generating $4.6 trillion to the economy; a key driver of economic recovery; and a major tax generator, contributing a quarter of all federal and state tax revenue and as much as 70 percent of local taxes.
Significant for the multifamily sector, the coalition specifically expressed support of a number of tax provisions NMHC/NAA had previously identified as the apartment industry’s key tax reform priorities: preserving the tax treatment of real estate partnerships, or pass-through entities; retaining the deduction for business interest; maintaining the current tax treatment of carried interest; protecting the Low-Income Housing Tax Credit program; and preserving the current law on estate taxes.
In addition, NMHC/NAA joined a separate coalition in sending a letter on July 26 to both Senate and House finance committees’ leadership, reiterating the need to preserve the current tax treatment of pass-through entities to encourage business growth and entrepreneurship.
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