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Senate Introduces Its Version of Tax Reform Legislation

November 28, 2017 By Elizabeth

On November 10, the Senate Finance Committee introduced its version of tax reform retaining the 4% and 9% Tax Credits and tax-exempt multifamily private activity bonds. It also preserves the 2018-2019 authorized NMTC allocation rounds. Other things the Senate bill includes:

  • Repeal of the 10% non-historic rehabilitation tax credit (HTC)
  • Reduction of the 20% HTC to 10%.
  • Reduction of residential rental and nonresidential real estate depreciation to 25 years if partnerships do not elect out of the limitation on interest deductibility.
  • Delay cutting the top corporate tax rate to 20% to 2019 which is a break from the House proposal of implementing the lower rate immediately.
  • Full repeal of the state and local tax deduction and would keep the mortgage interest deduction largely intact for mortgages up to $1 million.
  • Repeal of the alternative minimum tax.

The Senate Finance Committee began its mark-up on November 13. Until the mark-up concludes, the Committee will focus on amendments with the goal of reporting the bill to the full Senate by the end of the week.

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Elizabeth L. Moreland
NCP-E, SCS, HCCP, SHCM, FHC

My goal, quite simply, is to prevent people from feeling overwhelmed by the program rules and all of the responsibilities that come with managing a Housing Credit property like I was when I was in the field! It was so frustrating! So when I started Elizabeth Moreland Consulting, I vowed to make a difference and to help people become Compliance Confident!“

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Elizabeth Moreland Consulting, Inc.
6907 University Ave, Suite 196
Middleton, WI 53562

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Who Is Elizabeth Moreland?

Elizabeth is the affordable housing industry’s most sought after speaker, trainer and consultant due to her dynamic speaking style, concrete understanding of the various affordable housing programs’ rules and nuances, and sense of humor & style in delivering such information and advice. As the President of Elizabeth Moreland Consulting, Inc. and the Housing Credit Training Center, Elizabeth has taught thousands and thousands of industry professionals from across the country. Much of her expertise is garnered from her years in the trenches of property management working with all types of housing including Housing Credits, HUD Section 8, HOME, Bond, special needs, students and conventional. She has held practically every position in this field and has over 25 years of experience, so her advice and teachings are realistic and proven in the real world of affordable housing!
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