Ah summer. Well, it is beginning to feel that way but as far as things being buttoned up legislatively in Washington, not quite yet.
Tax bill, oh tax bill, will yet get a vote in the Senate? That has been the focus of ours and our advocacy colleagues on Capitol Hill as the Senate trudges its way toward the August recess and then to the election in November. The lobbying has been intense, and I am not just referring to efforts of the affordable housing community. Small business, manufacturers, tech firms, the larger real estate lobby and myriads of others have continued to visit with Republican offices in the Senate, urging, encouraging and begging for an affirmative vote on the bill.
Senator Crapo and the Republican leadership continue to urge their members to ignore these efforts and focus on the potential for a Republican Senate majority in 2025 and the prospect of a Republican electoral sweep. This would lead to another tax bill passed through the budget reconciliation process, meaning little or no Democratic input into what may be the largest tax bill ever considered. This is also my nightmare scenario regarding housing legislation. We generally play defense when Republican’s control Congress and the White House, although we have built significant support among Republican’s in Congress for the LIHTC.
Getting back to this session and the tax bill, I met with Finance Chairman Ron Wyden a few weeks ago and he, without reservation, said there would be a vote on the tax bill at some point this year. He would not commit to a specific date, but he was firm in his conviction that a vote would occur. This fits into the comments Senator Todd Young, our lead Republican sponsor, made at the Housing Advisory Group/Affordable Housing Tax Credit Coalition meeting in Washington on May 21st. Senator Young has been working to build support for the tax bill among his Republican colleagues and admitted we will likely not know what the level of support is until there is a vote. This is what is weighing on Majority Leader Chuck Schumer, not know if the bill will pass of fail. Leaders very rarely bring legislation to the floor if success is not assured – see then Majority Leader McConnell’s vote to repeal the Affordable Care Act and the late Senator John McCain’s pivotal vote against the effort. This is a bit different as there is a silver lining for Democrats even if the bill fails but it is still a risk to bring the vote.
This is the last intrigue in the Senate, other than the results of the November elections. We will be watching closely and let everyone know when a vote may be coming.
The other issue we are following come from remarks our lead Democratic sponsor, Senator Maria Cantwell, made at the HAG/AHTCC meeting. She stated that she was going to bring legislation to the floor that would address GSP (Generalized System of Preferences) and our LIHTC provisions under a unanimous consent vote or UC. This means the legislation would need a unanimous vote to pass and any single Senator could oppose the effort and it would die. Senator Cantwell has long sought an opportunity to pass the LIHTC provisions and coupling it with GSP, a bipartisan trade provision, is her effort to get the legislation passed. This is a longshot, but we are so appreciative of her determination on behalf of the LIHTC.
So, all is not put to bed in DC and we plow ahead in our efforts to get more resources for affordable housing. We so appreciate your support of these efforts.