With the Senate proposing sweeping reform of the tax code, now is a critical time in preserving the future of the Low Income Housing Tax Credit (Housing Credit) and New Markets Tax Credit (NMTC) programs. It is critical that stakeholders endorse their support of these programs so that they are not at risk of removal through tax reform.On June 27, Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) announced plans to pursue tax reform efforts. The Senators’ plan includes an approach that starts with a “blank slate” by removing all credits and deductions from the Internal Revenue Code “unless there is clear evidence that they:
(1)help grow the economy;
(2)make the tax code fairer;
(3)effectively promote other important policy objectives.”
Senators Baucus and Hatch have asked all Senators to submit their proposals by July 26, so they can be considered during the crafting of the Senate Finance Committee’s bill.
Action Requested: We are asking that you add your organization’s name to the growing list of local, state, and national organizations to show your support of these credits and urge the Senate to keep the LIHTC and NMTC in the reformed tax code. The deadline for organizations to sign on to the letter is July 17, 2013. Click on this link to sign the Support Letter.
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