ACTION Campaign Submits Comments to Senate Finance Committee in Response to Hearing on Business Tax Reform

The ACTION Campaign submitted a statement for the record today in response to the Senate Finance Committee’s September 19 hearing on “Business Tax Reform.”

In our comments, we thank Chairman Hatch and Senator Cantwell for championing the Affordable Housing Credit Improvement Act (S. 548), legislation to strengthen and expand the Housing Credit. We also highlight the important role that the Housing Credit plays in the current business tax system; the benefits that the Housing Credit has for low-income families; the jobs that are created and supported through Housing Credit development; and the economic stimulation that the Housing Credit generates for local economies and communities. 

We also urge the committee to protect both the Credit and multifamily Housing Bonds – a central component of the Housing Credit program – as part of any tax reform effort considered by Congress. As hearing witness Jeffrey D. DeBoer, President and CEO at the Real Estate Roundtable, wrote in his written testimony to the Committee, the Housing Credit is an example of a tax incentive that is “needed to address market failures and encourage capital to flow to socially desirable projects.”

Visit our Advocacy Toolkit for more information about efforts to protect, strengthen, and expand the Housing Credit.