NFLIP re-authorization will be reported in the coming issues of WINDOW.
Tax Reform The topic of tax reform is dominating many of the discussions in our nation’s capital. The tax reform effort aims to not just simplify the code but to encourage investment and boost productivity to help workers. However even though there is strong support for a sweeping rewrite of the nation’s tax code, some pundits remain skeptical a that a tax reform can happen by the end of 2017. Since tax reform has the capacity to fundamentally reshape the multifamily industry the National Apartment Association (NAA) has been an active participant in the tax reform discussions. The NAA’s goal is to work with Congress and support a tax reform package that promotes economic growth and investment in rental housing without unfairly burdening apartment owners and renters relative to other asset classes. The NAA’s tax reform work s important not only for member companies but for the future of housing and housing affordability. The apartment industry nationally
supports 38.8 million residents and 12.3 million jobs, while contributing $1.3 trillion to America’s economy, and according to recently released research, by the end of 2030, the United States will need to build 4.6 million apartment homes to meet growing demand. To advance its tax reform goals the NAA in partnership with the National Multifamily Housing Council has launched a “Protect the Lease” campaign designed to ensure that lawmakers know what’s at stake for the apartment housing industry when it comes to tax reform. The campaign supports smart tax policy promoting economic growth, job creation, and investment in our neighborhoods and communities. Among the specific goals of the Protect the Lease program are: • Make known that debt financing plays an important role in building apartments and to make sure that the apartment industry can continue to deduct business interest costs. Any changes to how business interest handled could very well increase investment costs and reduce the number of new apartment units constructed. • Make sure that every type of
company benefits from tax reform so that multifamily real estate companies do not inadvertently shoulder the cost of a tax cut for large multinational corporations. • Ensure that the Low-Income Housing Tax Credit (LIHTC) program continues as a incentive that promotes housing production. The LIHTC program helps hard-working Americans should both be retained and significantly expanded in an overhauled tax code.
The NAA’s tax reform work s important not only for member companies but for the future of housing and housing affordability.
You are strongly encouraged to visit the www.protectthelease.com to learn about all of the tax reform components being advocated by NAA. At that site you can take action by submitting a letter to our Congressman and Senators outlining the industry’s position on this topic. More than 30,000 letters have been sent to elected officials through the site, and as this issue heats up it is critical that your voice is included. If you have any questions about the Protect the Lease Program or any of the issues outlined in this report contact AAA staff.
L O O K I N G F O R C O P I E S O F L E G I S L AT I O N A N D O T H E R I N F O R M AT I O N ? Copies of bills can be accessed at www.capitol.state.tx.us. Work has started on updating the TAA REDBOOK, which will be available in early 2018. TAA will also be going through its lease and form revision process over the next several months. Look for updated for-sale forms in early December following approval by the TAA Board.
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