Members of Congress who addressed the Affordable Housing Tax Credit Coalition’s Spring Meeting on Capitol Hill this week indicated that they still see a possibility of passing parts of the Affordable Housing Tax Credit Improvement Act before Congress adjourns for the year. Sen. Todd Young (R-IN), a member of the Senate Finance Committee and Rep. Claudia Tenney (R-NY), a member of the House Ways & Means Committee, in remarks to AHTCC attendees both said that they are moderately hopeful that the Senate will eventually bring the House-passed tax bill. The House passed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024), with huge bi-partisan support, on Jan. 31, 2024. It is currently stalled in the Senate.
Sen. Sherrod Brown (D-OH), also a member of the Senate Finance Committee and Chairman of the Senate Banking, Housing & Urban Affairs Committee told a group of affordable housing industry professionals at a political event this morning, that he, too, believes there is a possibility of getting the bill passed this year. He told the group that the bill includes, in addition to the LIHTC provisions, the Child Tax Credit, the Research and Development Tax Credit and a few other business items, all of which have strong constituencies pushing for them.
All these elected officials urged the attendees at these events to reach out to their Senators to urge them to support this bill and ask Senate Majority Leader Chuck Schumer (D-NY) to bring it to the floor for a vote. They were all optimistic that, if brought to a vote, the bill would be passed.
