August has arrived in DC and that means the halls of Congress are largely quiet as our elected officials,
always looking to do what is best for their constituents, have gone home to convince you of that, whether
factual or not. With the election just a little over three months away, it will be up to you to decipher the
fact from fiction.
When it comes to the Tax Relief for American Families and Workers Act of 2024, members of the CHC can
be proud of your delegation as all but 5 House members and both of your Senators voted in favor. The
industry is so very appreciative of your efforts to advocate for the LIHTC with your Members of Congress.
As for the rest of the Senate, it came down to having a vote on a tax bill in the middle of the silly (all
politics) season. The vote failed to reach the all-important 60 vote threshold to invoke cloture and never
had its day on the floor of the Senate. You can blame Senator Schumer for waiting this long to bring the
vote to the floor, but the truth is the Senate Republican Leadership never really wanted to vote on a tax
bill this year. Not when they might be in the majority in 2025 and therefore in a position to better dictate a
tax bills contents while debating the renewal of the Tax Cuts and Jobs Act of 2017.
Let me be clear, there are several back stories as to what happened to derail the effort in the Senate,
which I will not share with you in this printed forum but will be happy to detail in person. The sad
conclusion is the substance of the bill was never the determining factor in the demise of the bill in the
Senate and both Senators and advocates learned a lot about some of the key players. What I will say,
from personal knowledge, is that our champion, Senator Cantwell, did everything she could, or was
allowed to do, to get the LIHTC legislation passed. This includes a potential unanimous consent
agreement, focused solely on the two LIHTC provisions in the tax bill and a bipartisan trade provision,
voted on after the failed tax vote. She was thwarted in this effort despite having the support of the
Senator Majority Leader and Senator Crapo, the ranking Republican on the Finance Committee. We are
truly fortunate to have her as our champion and she was on the phone with me shortly after the vote
plotting how we might get the LIHTC addressed when the Senate returns to DC in September or possibly
in the Lame Duck session after the election.
As for the rest of this fiscal year, look for the House and Senate to pass a continuing resolution for the FY
2025 budget before the end of the current fiscal year on September 30th. My bet is a deadline for this CR
right before Thanksgiving.
Your industry advocates are working with our congressional leads on what the AHCIA will look like in
2025, and we will be seeking your input.
Thank you for your continued support and advocacy and have a great August.
David Gasson
