On July 8, the Senate Finance Committee’s five tax reform working groups submitted reports to Chairman Hatch and Ranking Member Wyden. The working groups developed these documents to serve as guides as the committee considers reforming the tax system.

The report from the Community Development & Infrastructure Bipartisan Tax Working Group estimated the following expenditures for fiscal years 2014-2018:

  • Historic Tax Credit: $5.4 billion
  • Low Income Housing Tax Credit: $40.5 billion
  • New Markets Tax Credit: $5.2 billion

The reports did not include recommendations for any of these tax credit programs.