Join us for a call this Friday, November 13 at 2 p.m. EST, where we will discuss the recent House leadership changes and the status of our Housing Credit legislative priorities.
Friday, November 13 @ 2:00 p.m. EST
Participant code: 677-49-533#
House Leadership Changes
Former Ways and Means Committee Chairman Paul Ryan (R-WI-1) was elected Speaker of the House on October 29, and on November 4 Kevin Brady (R-TX-8) was elected to replace him as Chairman of the Ways and Means Committee. Rep. Tom Rice (R-SC-7) was also chosen to fill the vacancy on the committee.
Chairman Brady has been a strong proponent of “built for growth” tax reform that makes the tax code “simpler, fairer and flatter,” closes loopholes and limits deductions and reduces government spending. Chairman Brady has also said he wants to act quickly to extend expired tax provisions, potentially making some permanent. The ACTION Campaign will be issuing a statement this week congratulating Chairman Brady and urging that he protect, strengthen and expand the Housing Credit in his new role.
Though Congress will almost certainly pass tax extenders legislation before the end of the year, the timing and process is uncertain. Tax extenders may be added onto legislation already moving through Congress, including appropriations legislation, or they may be considered independently in stand-alone legislation. The Senate Finance Committee already approved a two-year tax extenders bill, but three-year and one-year bills are also on the table. It is also possible that some extenders could be made permanent, a goal of former Ways and Means Chairman Paul Ryan and recently elected Chairman Brady.
Efforts to pursue comprehensive tax reform are still on hold as Congress considers more urgent must-pass legislation, including appropriations and highway funding, and will likely remain on hold through the 2016 elections. However, tax reform is one of Speaker Ryan and Chairman Brady’s top priorities, and given their new leadership roles it is increasingly likely that the House will pursue tax reform aggressively in 2017.
Minimum Credit Rate Legislation
The minimum Housing Credit rate legislation in the Senate, S. 1193, has 29 co-sponsors. The companion legislation in the House, H.R. 1142, has 75 co-sponsors. The most recent additions are Rep. Frank Guinta (R-NH-1) and Rep. Julia Brownley (D-CA-26).
Join the ACTION Campaign
The ACTION Campaign now has over 1,000 members calling on Congress to support the Housing Credit and Housing Bonds. Join the campaign, or if you are already a campaign supporter, reach out to your partner organizations and encourage them to join the campaign as well.