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The House Ways and Means Committee recently released legislative text of the $3.5 trillion reconciliation bill related to Low Income Housing Tax Credits. The legislation includes a number of key provisions from the Affordable Housing Credit Improvement Act of 2021.
Senate Finance Committee Chairman Ron Wyden (D-OR) recently unveiled the Decent, Affordable, Safe Housing for All Act (DASH Act). The legislation seeks to make a generational investment to house all people experiencing homelessness, tackle the housing affordability crisis, and expand homeownership opportunities for young people by creating a new down payment tax credit for first-time homebuyers.
On Tuesday, Aug. 10, the Senate passed a bipartisan $1 trillion infrastructure bill to improve and modernize the nation’s roads and bridges. Included in the plan are funds for broadband infrastructure. The plan allocates $65 billion to “bridge America’s digital divide and build a 21st century infrastructure that will meet our country’s needs not only today, but for years to come.”
House Financial Services Committee Chairwoman Maxine Waters (D-CA) recently issued a press release announcing that she secured a commitment from President Biden to include affordable housing investments in the infrastructure package enacted through a reconciliation process.
The Federal Communication Commission (FCC) recently announced that 2.3 million households have enrolled in the Emergency Broadband Benefit (EBB) program in its first three weeks. The EBB program provides a discount on both broadband service and needed equipment, such as a modem. Lawmakers authorized the EBB in December as part of a $2 trillion coronavirus aid package. Over 1,000 Internet service providers (ISP) are participating in the program, which provides a monthly discount on Internet services and a one-time discount on a connected device for eligible households.
A new Federal Communications Commission (FCC) program has launched to help low-income households receive discounts on their broadband service. Lawmakers authorized the Emergency Broadband Benefit (EBB) in December as part of a $2 trillion coronavirus aid package. Now, with more than 875 Internet service providers on board, the FCC finally has launched the program in every state and territory.
The Treasury Department and Internal Revenue Service (IRS) recently issued Notice 2021-28. This is their annual public notice seeking recommendations for the next Priority Guidance Plan. The Priority Guidance Plan identifies guidance projects that the Treasury and IRS intend to work on during the period from July 1, 2021, to June 30, 2022.
One level deeper: In reviewing recommendations and selecting projects for inclusion on the 2021–2022 Priority Guidance Plan, the IRS will consider the following:
The Treasury Department recently published "The Made in America Tax Plan Report," which further describes President Biden’s tax plan that was included in the recently announced American Jobs Plan. The tax plan's goal is to make American companies and workers more competitive by eliminating incentives to offshore investment, substantially reducing profit shifting, countering tax competition on corporate rates, and providing tax preferences for clean energy production.
On March 15, the IRS issued Notice 2021-19 providing the resident population figures needed to determine the 2021 population-based component of the Low-Income Housing Tax Credit ceiling. Nationally, the population-based LIHTC allocations will increase by 0.4 percent ($3.7 million) in 2021.
The White House formally announced the appointment of Erika Poethig as Special Assistant to the President for Housing and Urban Policy at the White House’s Domestic Policy Council (DPC).
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