House Ways and Means Committee Republicans Form Tax Teams to Review 2017 Tax Provisions Scheduled to Expire after 2025; Tax Bill with Housing Provisions Remains Stalled in Senate
On April 24, 2024, House Ways and Means Committee Chair Jason Smith (R-MO) and Tax Subcommittee Chair Mike Kelly (R-PA) announced the formation of 10 “tax teams” comprised of Ways and Means Committee Republicans that will be reviewing provisions from the 2017 Tax Cuts and Jobs Act that are scheduled to expire after 2025. In addition to the review of those provisions, the teams are expected to identify legislative solutions that “will continue to help families, workers, and small businesses.”
Chair Smith stated, “The mission of these tax teams will be to build on the success of the Trump tax cuts to provide a pro-America, pro-worker vision for the future and a much-needed alternative to President Biden’s $7 trillion tax hike.” The teams will cover American manufacturing, working families, the American workforce, Main Street, the new economy, rural America, community development, supply chains, U.S. innovation, and global competitiveness.
The community development team likely will have primary responsibility for reviewing affordable housing credit provisions, but there could be overlap with other teams, such as the working families team or the rural American team. The community development team is chaired by Rep. Mike Kelly (R-PA), and its members include Reps. Claudia Tenney (R-NY), Darin LaHood (R-IL), Blake Moore (R-UT), and Mike Carey (R-OH), all of whom are cosponsors of the Affordable Housing Credit Improvement Act. We are especially pleased that our housing credit champions, Reps. LaHood and Tenney are part of this team.
We also wanted to update you on H.R. 7024, the Tax Relief for American Families and Workers Act of 2024. H.R. 7024, which contains our housing credit provisions, continues to face opposition in the Senate from some Republicans who feel the bill should be considered in “regular order” through a markup in the Finance Committee and by allowing amendments to be offered to the House-passed bill. There also is Senate Republican opposition to the House provision expanding the child tax credit and to the revenue offset used to pay for H.R. 7024.
While Senate Majority Leader Chuck Schumer (D-NY) and Finance Committee Chair Ron Wyden (D-OR) continue to look for a path forward on H.R. 7024, there is growing concern that time is running out for the tax bill. We need your help contacting the Senators in your state or where you have properties to urge them to act on the tax bill as soon as possible, either on its own or as part of another legislative vehicle. Senator Schumer may call a vote on the bill before Senators go home for Memorial Day, either to generate support for the bill or to get Republicans on record as opposing it. This is still uncertain but is being discussed.
It is critical that the housing provisions in H.R. 7024 are enacted before Congress begins its 2025 consideration of expiring tax provisions passed as part of the 2017 Tax Cuts and Jobs Act. With action on the bond threshold test and allocation increase this year, we will be in a much better position next year to improve and make our provisions permanent. Please reach out to Senate Republicans and Democrats and let them know how important these provisions are to their states. Please let us know if we can assist you with your contacts.