Senate Expected to Vote on Tax Reform the Week of Nov. 27th
The Senate is expected to vote on its tax reform proposal the week of Nov. 27th. While its proposal does not end private activity bonds and therefore the 4 percent Low-Income Housing Tax Credit (LIHTC) program like the House’s plan does, 4 percent Credits are still in jeopardy. Any differences between the two bills will need to be resolved before any legislation can be enacted, so advocacy remains extremely important. Losing the 4 percent LIHTC program would be a devastating blow to the development and preservation of affordable housing for seniors both in New York and throughout the country.
Representative Randy Hultgren (R-IL) is circulating a letter to Senate and House leadership asking them to protect private activity bond financing in any final tax reform legislation. The deadline for Senators and Representatives to sign onto this letter is Nov. 27th. We are calling on advocates to let their lawmakers know that the future of affordable housing for New York’s seniors depends on private activity bonds, and that protecting these tax provisions is the right thing to do. For information on how to contact your representatives and ask that they sign onto this letter and support private activity bonds, you may visit the advocacy sites for the issue set up by either LeadingAge NY or LeadingAge National. Thank you for taking action to stop this harmful policy!
Contact: Sara Neitzel, sneitzel@leadingageny.org, 518-867-8835