Senate Procedural Vote on Tax Bill Containing Housing Provisions Fails

Today, a procedural vote to begin consideration of H.R. 7024, the Tax Relief for American Families and Workers Act of 2024, failed to garner the 60 votes necessary to move the bill forward.  The final vote was 48-44 in favor.  On the Republican side Senators Scott (FL), Mullin (OK) and Hawley (MO) voted in favor of the bill. Democrats Schumer and Sanders voted against the bill.  The vote by the Majority Leader was procedural so that he could make a motion to reconsider the bill.

H.R. 7024 includes our housing credit provisions – the restoration of the 12.5 percent allocation increases 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.  The bill passed the House on January 31, 2024 by a vote of 357-70, but has stalled in the Senate due to Republican concerns about the process for development of the bill and over the inclusion of an expanded child tax credit provision.

In a floor statement before the vote, Majority House Leader Chuck Schumer (D-NY) discussed the bipartisan support for the bill in the House and the large vote it received on passage.  He implored Senators to vote yes if they care about families and children, small businesses, and solving the housing crises.  Leader Schumer commended Senator Maria Cantwell’s (D-WA) hard work on the bill.  In his floor statement, Senate Finance Committee Chairman Ron Wyden (D-OR) noted that if the Senate passes the bill, it could go to the President right away and help could go out immediately.  Chairman Wyden noted that because of Senator Cantwell, 100,000 units of housing could get “on the way.”  He stated this was an opportunity to help kids, small businesses and those who need housing. 

Our champion, Senator Maria Cantwell (D-WA), had planned to offer a unanimous consent agreement to pair the housing provisions with a bipartisan trade provision if the procedural vote on the tax bill failed.  As we reported earlier, she had mentioned this approach at our May Affordable Housing Symposium.  We are in close communication with Senator Cantwell and her staff and understand that Senate procedures prevented her from offering it today.  She may offer it when the Senate returns in September.  We appreciate her leadership and tireless efforts to get the housing provisions over the goal line.

We remain hopeful that a bill that includes our housing provisions can be considered before the end of the year.  To that end, we encourage you to reach out to your Senators when they are back home during the August break and ask for their support in urging a vote on the housing credit provisions this year.  Please let us know if you need contact information for reaching your Senators.

Thanks for all you are doing, and we will keep you posted on any developments.