Legislation introduced last week by House Ways and Means Committee chairman Rep. Dave Camp calls on Congress to retain the low-income housing tax credit (LIHTC) and repeal the historic tax credit (HTC). H.R. 1, the Tax Reform Act of 2014 formalizes the tax reform discussion draft released last February. It does not mention the new markets tax credit (NMTC).
Republican staff on the U.S. Senate Finance Committee also released “Comprehensive Tax Reform for 2015 and Beyond.” The report, which examines issues policymakers will need to consider in order to reform the tax code, does not specifically name LIHTCs, NMTCs, HTCs, or residential energy tax credits (RETC), but suggests that some tax credits should be made permanent.
