House Ways and Means Chairman Kevin Brady (R-Texas) released a third iteration of a year-end tax package. The new version includes a provision, first sought by retiring Speaker Paul Ryan (R-WI), over a decade ago, to allow a charitable deduction for donations to college fraternities and sororities for housing improvements and adds back in extensions for a biodiesel tax credit and a railroad track maintenance credit. The new extensions are estimated to cost a combined $18.8 billion over a decade, on top of the $80 billion price tag from Chairman Brady’s second iteration of the year-end tax package.
The new version includes the same provision in his original and second bill that clarifies that veterans are a specified group for preferences within the Low Income Housing Tax Credit (LIHTC) program and extends the LIHTC public use provisions from nine percent allocations to also include four percent bond allocations.
