On December 3, 2010 the President’s Economic Recovery Advisory Board (PERAB) voted on recommendations designed to reduce the federal debt by enacting significant spending cuts and overhauling the current tax code. The report failed to receive the requisite number of votes needed, 14, to prompt Congressional action of the Commission’s proposals. The actual vote was 11 in favor 7 against.
Though Congress is not required to take action on the Commission’s report, it is very likely that the tax code as a whole, and many of the tax expenditures included in it, will be closely reviewed under the 112th Congress. With numerous new Members of Congress and new staff coming to Washington, DC as a result of the November 2010 elections, it will be important that the Low Income Housing Tax Credit (Housing Credit) industry act quickly to educate their Members about the Housing Credit program and its success within their states and districts.
In response to the report prepared by PERAB, AHTCC developed a “comment” letter which was delivered to the Commission on November 24th. This piece details how the Housing Credit was developed as a result of tax reform (in 1986) and continues to be the most successful affordable rental housing development program in history. As we accelerate our efforts to educate Congress about the successes of the Housing Credit in 2011, AHTCC encourages its members to use these comments as a starting point for conversations with their Members.
If you have any questions concerning AHTCC’s comments to the PERAB or the Coalition’s legislative priorities please contact Coalition legislative counsel Jim Miller (James.Miller@dlapiper.com) or Coalition executive director Victoria Spielman (202-585-8162 or Victoria.spielman@taxcreditcoalition.org).