Earlier this month, the House introduced the Tax Cuts and Jobs Act. The bill proposes to reduce the future supply of affordable rental housing by nearly 1 million units and features a set of changes that would negatively affect the number of Tax Credit units built or rehabbed as it includes the elimination of private activity bonds and associated 4% credits, a lower corporate tax rate and a change in the way inflation adjustments are made.
On November 9, the House Ways and Means Committee completed its mark-up of the bill and reported it to the full House. The House is expected to consider the bill this November 16. The Committee did not adopt any amendments that would void the bill’s elimination of tax-exempt private activity bonds or modified the statute on the Tax Credit Program.