Representative James Clyburn (D-SC) introduced the “Restoring Tax Credits for Affordable Housing Act” (HR 6542) on July 26. The bill would increase the Low Income Housing Tax Credit (LIHTC) annual allocation as well as the credit percentage formula, helping to restore funding lost due to tax reform. The “Tax Cuts and Jobs Act” passed in December, 2017, lowered the corporate tax rate from 35% to 21%, reducing the value of LIHTC to corporate investors. Representative Clyburn’s bill aims to provide additional funding to offset the impact of this reduction. Read more about the bill at: https://bit.ly/2AdAQcu
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