Hill Sets Stage for Tax Reform
Key lawmakers on Capitol Hill are setting the stage to move ahead with tax reform in 2015. Although the outlook for success is still uncertain, reform would impact every aspect of the multifamily business.
Senate Finance Committee Chairman Orrin Hatch (R-Utah) has said that he plans to mark up tax reform legislation this year. He also recently joined Finance Committee Ranking Member Ron Wyden (D-Ore.) in establishing five bipartisan working groups to make recommendations in May that will serve as the foundation for a reform bill. Additionally, House Ways and Means Committee Chairman Paul Ryan (R-Wis.) is scheduled to hold a Republican strategy retreat on reform for his committee.
President Obama and the GOP remain divided over whether reform should be comprehensive or focus only on America’s largest corporations. An agreement would also have to be reached over how much additional revenue, if any, an overhauled system should raise. And members of both parties would have to be prepared to limit popular tax incentives to lower rates.
NAA/NMHC joined with a coalition in a meeting on the same topic with the Assistant Treasury Secretary for Tax Policy. In addition, we continue to educate lawmakers on all of the multifamily industry’s tax reform priorities.
Provided by NMHC as part of the NAA/NMHC Joint Legislative Program