The House Republican tax reform package, the Tax Cuts and Jobs Act was presented on November 2, 2017. Many of the tools that we use in community and economic development are at risk. We are coordinating with our partners in advocacy and want to share these updates with you.
- The Historic Tax Credit is repealed
- The New Markets Tax Credit is repealed
- Private Activity Bonds are repealed
Here is the state of play as we understand it now. The House Ways and Means committee will hold hearings beginning on Monday. Chairman Brady released his final version of the bill in his Chairman’s mark today but indicates he will offer additional “substantial improvements” by way of amendments Monday. We understand committee staff will work through the weekend on this so it’s imperative that we urge our client communities and partners to press their members of Congress and urge the reinstatement of the above mentioned tools. The Senate is expected to unveil their bill next week and it is expected to differ from the House bill. Leadership in both chambers are pushing for passage before Thanksgiving setting up a conference committee to produce a final bill before Christmas. This is all a very aggressive timetable- whether it is achievable is unknown.
NDC is hosting a Webinar on Monday November 6, 2017 to discuss further, join us! REGISTER HERE