• November 16, 2017
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    The House of Representatives this afternoon passed its tax reform legislation, the Tax Cuts and Jobs Act, H.R. 1, which eliminates the tax exemption for private activity bonds, including Housing Bonds. The final vote was 227 to 205, with two Democrats absent. Thirteen Republicans voted against the bill along with all of the Democrats casting a vote.

  • November 15, 2017
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    Late last night, Senate Finance Committee Chairman Orrin Hatch (R-UT) released his Modified Chairman's Mark—the new version of the Senate tax reform legislation from which the Committee will work as it completes its mark-up this week. The Modified Chairman's Mark, like the previous version of the legislation, preserves the Low Income Housing Tax Credit and tax-exempt private activity bonds (PABs).

  • November 13, 2017
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    The Senate Finance Committee today began its mark-up of Chairman Orrin Hatch's (R-UT) tax reform legislation, called the Chairman’s Mark, this afternoon. Today's Committee mark-up, which began this afternoon at 3:00 p.m., has been devoted to opening statements by the 26 Committee members. As we reported last week, the Chairman's Mark preserves tax-exempt private activity bonds, including single-family and multifamily Housing Bonds, and makes no changes to the Low Income Housing Tax Credit.

  • November 13, 2017
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    On November 9, the House Ways and Means Committee completed its mark-up of Chairman Brady's (R-TX) tax reform bill, the Tax Cuts and Jobs Act, H.R. 1, and reported the bill to the full House, which is expected to consider the bill this Thursday, November 16. The Committee did not adopt any amendments that would have changed the bill’s elimination of tax-exempt private activity bonds (PAB) or that would have modified the Low Income Housing Tax Credit statute, which the underlying bill also did not change.

  • November 9, 2017
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    The Senate Finance Committee just released its conceptual Chairman’s Mark, its version of tax reform legislation. In a major victory for NCSHA, it preserves both tax-exempt private activity bonds, including single-family and multifamily Housing Bonds, as well as the Low Income Housing Tax Credit.

  • November 6, 2017
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    House Republican leaders on November 2 released their tax reform bill, the Tax Cuts and Jobs Act, H.R. 1, in advance of a Committee mark-up scheduled to begin November 6 at 12:00 p.m. The bill eliminates tax-exempt private activity bonds (PABs), including both multifamily and single-family Housing Bonds, for bonds issued after 2017. In addition to eliminating tax-exempt PABs, the bill repeals the related Mortgage Credit Certificate (MCC) program.

  • October 20, 2017
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    This week, IRS published Revenue Procedure 2017-58, which sets out 2018 inflation adjustments for various tax provisions, including the Low Income Housing Tax Credit (Housing Credit) volume cap and the private-activity tax-exempt bond volume cap. In 2018, each state’s Housing Credit authority will be $2.40 per capita or $2,765,000 for the small state minimum. This is an increase over 2017, during which each state received $2.35 per capita or the small state minimum of $2,710,000.

  • October 4, 2017
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    The U.S. House of Representatives yesterday passed via voice vote legislation (H.R. 1624) that would allow large banks to count some of their municipal bond investments as high-quality liquid assets (HQLAs) under federal bank liquidity standards. The legislation, which NCSHA supports, was introduced by Representatives Luke Messer (R-IN) and Carolyn Maloney (D-NY).

  • September 28, 2017
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    The Internal Revenue Service (IRS) earlier today published in the Federal Register a proposed rule that would simplify the public approval requirements that apply to tax-exempt Housing Bonds and other private activity bonds (PABs). The proposal also includes an NCSHA-supported special exemption from certain public approval requirements for single-family mortgage revenue bonds (MRBs).

  • September 15, 2017
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    Private activity Housing Bond issuance increased nearly 60 percent from 2015 to 2016, according to the Council of Development Finance Agencies’ (CDFA) latest Annual Volume Cap Report for 2017. The report, which CDFA released yesterday, presents data on how states allocate and utilize their private activity bond (PAB) cap each year. All but two states submitted data for 2016, a higher participation rate than achieved for previous reports.