The Housing Advisory Group has provided an update you on the status of H.R. 7024, the Tax Relief for American Families and Workers Act. This is the tax legislation that contains affordable housing credit provisions – the restoration of the 12.5 percent allocation increase for 2023-2025 and the reduction of the bond threshold required to access the 4 percent credit from 50 percent to 30 percent for 2024 – 2025.

H.R. 7024 passed the House on January 31st by a resounding vote of 357-70.

The timing on Senate consideration of the tax bill remains unclear.  While we are encouraged that a number of Senate Republicans have joined Democrats in making positive comments about the House-passed bill, Finance Committee Ranking Member Mike Crapo (R-ID) continues to voice his view that the Senate should be provided the opportunity to make changes to it.

In a statement released on February 28th, Senator Crapo stated that “efforts to pressure the Senate to ‘take it or leave it’ and categorically dismiss a Senate regular order process have only amplified calls for changes and amendments.”  He particularly noted his concern about the expansion of the child tax credit in H.R. 7024 but also discussed additional changes he and other Senate Republicans would like to consider.

Senator Crapo stated that he is “committed to seeking a bipartisan resolution that a majority of Senate Republicans can support” and said he hopes “the bill’s proponents commit to pursuing a more constructive strategy to achieve a mutually agreeable outcome.”

Any changes by the Senate to the House-passed bill would require the House to vote again on it, a route that concerns supporters of the current bill.  In that regard, our Hill champions continue looking for appropriate legislative vehicles to carry our tax provisions.  There are several must-pass bills that Congress needs to act on, including the government funding legislation we discussed earlier.

We need to keep up our efforts to encourage Senators to support moving forward on H.R., 7024.  To that end, we urge you to reach out to your Senators and ask them to voice their support for H.R. 7024 to the Senate Leadership.

TAKE ACTION

Send a thank you note to Oregon’s Senators Ron Wyden and Jeff Merkley.

For our Idaho allies – urge support for the Tax Relief for American Families and Workers Act