Apartment Industry Makes Its Case to Senate Finance
NAA/NMHC again took the opportunity to inform the Senate Finance Committee of the apartment housing industry’s tax reform priorities. In mid-July, the industry submitted comments in response to a request from Finance Committee Chairman Orrin Hatch (R-UT) for stakeholder input on tax reform.
Key Trump Administration officials and Republican lawmakers are continuing to meet to try and develop a path forward for tax reform. The Trump Administration’s goal is to offer a consensus tax reform proposal once members return to Washington in September. If that occurs, Congress’ primary tax-writing committees, the House Committee on Ways and Means and Senate Finance Committee, would fill in the details throughout autumn.
Given the importance of tax reform to the apartment housing industry, NAA/NMHC continue to aggressively advocate for our core tax principles. In our submission, we advocated that any tax reform proposal must:
- Protect Pass-Through Entities from Higher Taxes or Compliance Burdens.
- Ensure Depreciation Rules Avoid Harming Multifamily Real Estate.
- Retain the Full Deductibility of Business Interest.
- Preserve the Ability to Conduct Like-Kind Exchanges.
- Maintain the Current Law Tax Treatment of Carried Interest.
- Preserve and Strengthen the Low-Income Housing Tax Credit.
- Maintain the Current Law Estate Tax.
- Repeal or Reform the Foreign Investment in Real Property Tax Act to Promote Investment in the Domestic Apartment Industry.
NAA/NMHC joined an ACTION Campaign letter supporting the retention and expansion of the Low-Income Housing Tax Credit.
Over the coming weeks and months, NAA/NMHC will continue to work with lawmakers to develop tax reform legislation that encourages the apartment industry, spurring economic growth and making it easier to develop housing for America’s families.
Provided by NMHC as part of the NAA/NMHC Joint Legislative Program