TAAHP is closely monitoring the progress of The Tax Relief for American Families and Workers Act of 2024 bill, a significant piece of legislation with implications for the industry. The bill aims to provide relief for families and workers across the nation, addressing critical economic challenges. Specifically concerning affordable housing, the bill includes provisions that would restore the 12.5 percent Housing Credit allocation increase for 2023-2025 and lower the 50 percent bond financing threshold to 30 percent for 2024-2025. These provisions underscore the importance of affordable housing as a cornerstone of economic stability and social equity.
Supporters of the bipartisan tax agreement, which smoothly passed through the House in January, are expressing frustration as the proposal encounters resistance in the Senate, chiefly due to Republican objections over the bill’s expansion of a credit targeting working families. Progress in negotiations has ground to a halt, with Republicans showing hesitancy about advancing a bipartisan accord before the upcoming November elections. Should the GOP assume control of the House, Republicans could wield authority to implement another significant tax legislation, potentially reinforcing tax cuts established during the Trump administration set to lapse in 2025.
Senate Finance Committee Chair Ron Wyden (D-Ore.), one of the key architects behind the bill, made an appeal to Republican senators considering their stance, stating that he had made adjustments to the bill in accordance with GOP requests regarding the timeframe for applying the family credit. Senator Crapo declined this proposal. Sen. Wyden confirmed that he has engaged in extensive discussions with Chairman Smith, and that they are prepared to utilize every available avenue. He added that both parties are actively engaging with Republican senators as part of their endeavor.
Stay tuned for further updates as this bill progresses through the legislative process.
