The Senate Finance Committee is expected on April 2 to take Congress’ first step this year toward renewing several tax provisions that expired in 2013 which are likely to benefit the multifamily industry. Specifically, the Committee’s so-called tax extenders bill would restore the flat nine percent Low-Income Housing Tax Credit, Energy Efficient Commercial Buildings Tax Deduction, and Energy Efficient New Homes Tax Credit.
Although this action led by the new Committee Chairman Senator Ron Wyden, D-Ore., represents a positive step forward, the path to enactment remains uncertain. Senate Majority Leader Harry Reid, D-Nev., has not indicated when he might schedule a vote by the full Senate. It is important to note that the legislative text of the tax extenders bill is expected on March 31.
In the House, Ways and Means Chairman Dave Camp, R-Mich., recently sent his panel members a letter indicating that beginning in April he intends to hold hearings focused on which of the several dozen tax extenders currently in play are worthy of remaining in law. The hearings would be followed by mark ups and action by the full House.
The final enactment of the tax extenders bill could be weeks, or even months, away. It is also unclear how long the expired provisions will be renewed. The Senate bill is expected to focus on extending incentives through 2014 and possibly 2015, while Chairman Camp in the House has expressed a preference for making permanent extenders his panel considers worthwhile.
NMHC/NAA joined with a coalition of industry partners in sending a letter to Chairman Wyden on March 26 advocating for the Energy Efficient New Homes Tax Credit. Another coalition letter will go out to him early next week that advocates for the Energy Efficient Commercial Buildings Tax Deduction.
- Senate Finance Committee Task Forces Focus on Expired Tax Provisions
- Apartment Industry Calls for Renewal of Tax Provisions Designed to Spur Energy Efficiency
- NMHC and NAA 179D Letter to Senate Finance Committee Cost Recovery Task Force - June 2019
- NMHC/NAA Coalition Letter Urging Senate to Restore Provisions to the Tax Extenders Bill
- Multifamily Industry Calls on Congress to Make Energy Efficient Home Tax Credit Permanent