House and Senate leaders have struck a tentative deal on a stimulus package with a top-line figure of $789.5 billion. The overall mix of funding and tax provisions remains to be hashed out. Conferees are scheduled to meet at 3 p.m. today, although that will largely be a formality. Democratic aides said House Speaker Nancy Pelosi (D-CA) intends to bring the bill to the floor Thursday, followed by Senate passage Friday.
Work remains to be done, particularly on the tax provisions. Please continue your fine work in response to our last alert directed at contacting the House and Senate conferees, as well as Speaker Pelosi. We have a somewhat different but equally important request today. As we noted yesterday, Senators Olympia J. Snowe (R-ME), Susan Collins (R-ME) and Arlen Specter (R-PA) are the only Republicans who voted for the stimulus bill in the Senate. Majority Leader Harry Reid (D-NV) acknowledged yesterday that the final stimulus legislation that is produced from a Senate-House Conference will have to take into account their issues and concerns. One of the key provisions to result from the Collins-Nelson proposal to which these three Republicans agreed and which led to the passage of the Senate Stimulus bill is the Cantwell "accelerator" amendment. We believe it is very important for you to contact Senators Snowe, Collins and Specter as soon as possible today to thank them for supporting the LIHTC accelerator provision and to urge them to ensure that the provision is included in the final conference agreement reached between the House and the Senate.
We also should add that we are currently seeking changes to the accelerator amendment as passed by the Senate in order to address some issues that it has presented and which many of you have raised. These issues range from the placed in service date to the applicability of the accelerator to bond deals.
We also continue to work hard to secure a spot for the 5 year credit carryback.
If you have any questions concerning the economic stimulus package or the Coalition’s priorities in the bill please contact Coalition legislative counsel James F. Miller (202-282-5724 or jfmiller@winston.com), Coalition general counsel Richard S. Goldstein (202585-8730 or rgoldstein@nixonpeabody.com), or Coalition executive director Victoria Spielman (202-282-5349 or Victoria.spielman@taxcreditcoalition.org).