Last week, the House of Representatives voted overwhelmingly (357-70) to pass The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). This bipartisan tax legislation includes our top two LIHTC priorities:
- Restoring the 12.5 percent allocation increase for 2023–2025; and
- Lowering the 50 percent bond financing threshold to 30 percent for 2024–2025.
Please take a moment to thank your House Representatives who voted for the bill and ask your Senators to approve the measure swiftly. The tax package’s consideration in the Senate is likely behind a package combining provisions on the U.S.-Mexico border and aid for Ukraine, Israel and Taiwan, which is set to receive a vote today, Wednesday, February 7.
Senate Procedure: It has yet to be decided whether the tax package will proceed directly to the Senate floor or first go through the Senate Finance Committee. Any changes the Senate makes to the legislation (either in committee or on the floor) would need to go back to the House for approval.
