Copyright: Tupungato
As the tax reform debate has heated up in recent weeks, Congress’ primary tax-writing committees, the House Committee on Ways and Means and Senate Finance Committee, have held a number of hearings on comprehensive tax reform. As part of these hearings lawmakers have reached out to businesses large and small, as well as a wide variety of sectors to understand what tax reform means to them and consider the best ways to reform the code.
Given the importance of tax reform to the multifamily industry, NMHC/NAA continue to aggressively advocate for our core tax principles. NMHC/NAA have submitted multiple letters (House Ways and Means letter and Senate Finance letter) to the House and Senate tax writing committees making the case for tax reform that protects the multifamily industry. Most recently we have joined with the Real Estate Roundtable and 20 other national real estate organizations in a submission that highlighted the importance of the real estate to the U.S. economy and which emphasized that unintended consequences of tax reform can be disastrous, making it critically important that Congress develop legislation that protects and promotes real estate writ large, as well as the multifamily industry specifically.
Additionally, our membership in the BUILD (Businesses United for Interest and Loan Deductibility) Coalition, NMHC submitted a letter to the Chairman and Ranking Member of the Ways and Means Committee that reinforced the necessity of preserving the full deductibility of interest on debt.
Over the coming weeks and months, NMHC/NAA will continue to work with lawmakers to develop tax reform legislation that encourages the multifamily industry, spurring economic growth and making it easier to develop housing for America’s families.