Bob Moss, Principal and National Director of Governmental Affairs at CohnReznick provides HAND with his thoughts on the recently issued tax reform proposal from House Ways and Means Chairman David Camp and possible events to follow.
“Next steps for the Camp discussion draft proposal remain to be seen. Debate and consideration of the bill in the Ways and Means Committee or on the House floor will be determined by the House Leadership. We do expect Chairman Camp to solicit comments on his proposal and perhaps to have hearings on it. It is clear, however, that his discussion draft is just the first step in what will be a long process to achieve fundamental tax reform. It is also clear that many of the LIHTC modifications were made by Ways and Means staff without external input, which is usually the case in such a huge undertaking. I am sure there will be substantial dialogue going forward from the industry to staff. We can clearly see what modifications have to be adjusted.
On the Senate side, new Finance Committee Chairman Ron Wyden (D-OR) is a strong proponent of tax reform, but has indicated his desire to first consider the package of tax extenders which includes the 9 percent LIHTC proposal. He has suggested that the extenders package could be a bridge to the tax reform debate. We understand discussions are taking place regarding action on extenders. Earlier last week, I met with key Finance Committee staff to re-enforce the need for action on the 9 percent credit and learned that there is a possibility that the Finance Committee could consider an extenders package perhaps as soon as mid-March. That timetable could certainly slip, and even if successful, there is no indication when the full Senate might consider such a package.”
To read Bob’s original posting in the February 26th issue of CohnReznick’s Capitol Connection, visit here. Bob can also be found on twitter @BobMoss42.