Preserving Investment in Needy Neighborhoods Act

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities or otherwise disadvantaging multifamily real estate relative to other asset classes. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit (while also increasing program resources) and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (6) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. We oppose proposals increasing taxes on capital gains. Finally, we favor: (1) repealing or reforming FIRPTA rules to incent foreign investment in U.S. real estate; and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Republican Tax Reform Blueprint, A Better Way: A Pro-Growth Tax Code for All Americans H.R. 4377, American Business Competitiveness Act of 2015, to amend the Internal Revenue Code of 1986 to tax business income on a cash flow basis and for other purposes, all provisions. Draft legislation, Simplifying America's Tax System Act of 2016, all provisions. Discussion Draft released by Senator Wyden, Cost Recovery Reform and Simplification Act of 1986, to amend the Internal Revenue Code of 1986 to modify rules relating to cost recovery, all provisions. Discussion Draft released by Senator Wyden, Modernization of Derivatives Tax Act of 2016, to amend the Internal Revenue Code of 1986 to modernize the tax treatment of derivatives and their underlying investments, and for other purposes, all provisions. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions (113th Congress). Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12. Rules Related to Treatment of Gains from Depreciable Property. Section 15. Repeal of Like-Kind Exchanges. Tax reform proposals for which legislation has yet been introduced to provide for corporate integration. Energy H.R. 5167, Technologies for Energy Security Act, to amend the Internal Revenue Code of 1986 to extend the credit for residential energy efficient property and the energy credit, all provisions. Supported multi-year extension of Section 179D Energy Efficient Commercial Buildings Deduction (with the bipartisan refinements to the provision included in S. 1946, the Tax Relief Extension Act of 2015). We also supported extension of the Section 45L New Energy Efficient Home Credit and the Section 48 Energy Credit. Low-Income Housing Tax Credit (LIHTC) S. 2962, Affordable Housing Credit Improvement Act of 2016, to amend the Internal Revenue Code of 1986 to reform the low-income housing tax credit, and for other purposes, all provisions. Draft legislation to amend the Internal Revenue Code of 1986 to allow the conversion of private activity bond volume cap into State housing credit ceiling for allocation under the low-income housing tax credit, all provisions. Obama Administration FY 2017 Revenue Proposal, Reform and Expand the Low-Income Housing Tax Credit, Allow Conversion of Private Activity Bond Volume Cap into LIHTCs and Encourage Mixed Income Occupancy by allowing LIHTC-Supported Projects to Elect a Criterion Employing a Restriction on Average Income. Carried Interest H.R. 2889, Carried Interest Fairness Act of 2015, to amend the Internal Revenue Code of 1986to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. S. 1686, Carried Interest Fairness Act of 2015, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. Obama Administration FY 2017 Revenue Proposal, Tax Carried (Profits) Interests as Ordinary Income Partnership Audits P.L. 114-74, H.R. 1314, Bipartisan Budget Act of 2015, Section 1101, partnership audits and adjustments. IRS Notice 2016-23, Request for Comments Regarding Implementation of the New Partnership Audit Regime Enacted as Part of the Bipartisan Budget Act of 2015 Housing Affordability Housing Affordability tax incentives (including developer tax incentives and bond preservation possibilities) H.R. 5082 / S. 2868, Investing in Opportunity Act, to amend the Internal Revenue Code of 1986 to provide for the deferral of inclusion in gross income for capital gains reinvested in economically distressed zones, all provisions. H.R. 5539, Preserving Investment in Needy Neighborhoods Act, to amend the Internal Revenue Code of 1986 to exclude from gross income contributions to the capital of a partnership, all provisions. Worker Classification H.R. 5008, Clarify Workers Misclassification in the Construction Industry Act, to direct the Secretary of the Treasury to improve tax compliance in the construction industry, including clarifying the employment status of service providers in the construction industry, and for other purposes, all provisions. Tax Regulations Internal Revenue Service REG-129067-15, Definition of Political Subdivision Department of the Treasury, Internal Revenue Service REG-108060-15, Treatment of Certain Interests in Corporations as Stock or Indebtedness

Client expense: $800,000 · Firm income: Not reported

Government targets: Army, Dept of (Corps of Engineers), Bureau of Economic Analysis, Congressional Budget Office (CBO), Environmental Protection Agency (EPA), Federal Communications Commission (FCC), Federal Emergency Management Agency (FEMA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Office of Management & Budget (OMB), SENATE, Small Business Administration (SBA), Treasury, Dept of, U.S. Postal Service (USPS)

Taxation of certain public/private partnerships: Preserving Investment in Needy Neighborhoods Act (H.R. 5539).

Client expense: Not reported · Firm income: $20,000

Government targets: HOUSE OF REPRESENTATIVES

S.698, "The Marketplace Fairness Act of 2015," to restore states' sovereign rights to enforce state and local sales and use tax laws and for other purposes. All provisions. Tax reform specifically addressing concerns with provisions dealing with real estate such as like kind exchanges, partnerships. H.R.2775, "Remote Transaction Parity Act." All provisions H.R.5539, "Preserving Investment in Needy Neighborhoods Act. All provisions" Proposed IRC Reg 103, Definition of Political Subdivision Potential legislation related to collection of remote sales taxes through hybrid-origin sourcing

Client expense: $846,593 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), SENATE, Small Business Administration (SBA), Treasury, Dept of, White House Office

Health Insurance Coverage, Genetic Testing (general); Health Disparities (general); Emergency Contraception (general); Health Care Reform Implementation; Drug Dependence (general); HIV Screening (general); Gynecological Cancer; Breast Cancer (general); Breastfeeding (general); Medical Liability Reform (general); Health IT (general); Prematurity (general); Disparities (general); Prevention and Public Health Fund (general); Imaging (general); Graduate Medical Education (general); Quality Improvement Measurement (general); Contraception (general); CMS Provider Penalties (general); Preeclampsia (general); National Health Service Corps (general); Abortion (general); Indian Health (general); Teaching Health Centers (general); Special Enrollment Period for Pregnant Women; CMS Health IT incentive program, meaningful use State 3; Immigrant Health Care Access; S. 466, Quality Care for Moms and Babies Act; H.R. 836/S. 884, Health Care Safety Net Enhancement Act; Implementation of H.R. 3204, the Drug Quality and Security Act (113th); S. 84, GEDI Act; H.R.; H.R.919, CHIP Extension and Improvement Act of 2015; S.522, Protecting And Retaining Our Children's Health Insurance Program Act of 2015; Saving Lives, Saving Costs Act; Pregnancy Discrimination (general); S. 821, BPA in Food Packaging Right to Know Act; ; S.737, Ensuring Access to Primary Care for Women & Children Act; H.R. 1209/S.628 Improving Access to Maternity Care Act;; H.R. 1462/S.799, Protecting our Infants Act; 21st Century Cures; Innovation for Healthier Americans; Health Equity and Accountability Act; H.R. 5539 Except certain transfers of value from reporting requirements under Sunshine Act; H.R. 1375/S. 142, Child Nicotine Poisoning Prevention Act; S. 674, 21st Century Womens Health Act; S. 536, Indian Health Service Health Professions Tax Fairness Act; Training Tomorrows Doctors Today Act; H.R.7, No Taxpayer Funding for Abortion and Abortion Insurance Full Disclosure Act of 2015; H.R.36, Pain-Capable Unborn Child Protection Act; H.R. 448/S.217, Women's Health Protection Act of 2015; H.R. 865, Good Samaritan Health Professionals Act of 2015; H.R. 5524/S. 2687, Access to contraception for Women Service Members and Dependents Act; S 699, Frank R. Lautenberg Chemical Safety for the 21st Century Act

Health Insurance Coverage, Genetic Testing (general); Health Disparities (general); Emergency Contraception (general); Health Care Reform Implementation; Drug Dependence (general); HIV Screening (general); Gynecological Cancer; Breast Cancer (general); Breastfeeding (general); Medical Liability Reform (general); Health IT (general); Prematurity (general); Disparities (general); Prevention and Public Health Fund (general); Imaging (general); Graduate Medical Education (general); Quality Improvement Measurement (general); Contraception (general); CMS Provider Penalties (general); Preeclampsia (general); National Health Service Corps (general); Abortion (general); Indian Health (general); Teaching Health Centers (general); Special Enrollment Period for Pregnant Women; CMS Health IT incentive program, meaningful use State 3; Immigrant Health Care Access; S. 466, Quality Care for Moms and Babies Act; H.R. 836/S. 884, Health Care Safety Net Enhancement Act; Implementation of H.R. 3204, the Drug Quality and Security Act (113th); S. 84, GEDI Act; H.R.; H.R.919, CHIP Extension and Improvement Act of 2015; S.522, Protecting And Retaining Our Children's Health Insurance Program Act of 2015; Saving Lives, Saving Costs Act; Pregnancy Discrimination (general); S. 821, BPA in Food Packaging Right to Know Act; ; S.737, Ensuring Access to Primary Care for Women & Children Act; H.R. 1209/S.628 Improving Access to Maternity Care Act;; H.R. 1462/S.799, Protecting our Infants Act; 21st Century Cures; Innovation for Healthier Americans; Health Equity and Accountability Act; H.R. 5539 Except certain transfers of value from reporting requirements under Sunshine Act; H.R. 1375/S. 142, Child Nicotine Poisoning Prevention Act; S. 674, 21st Century Womens Health Act; S. 536, Indian Health Service Health Professions Tax Fairness Act; Training Tomorrows Doctors Today Act; H.R.7, No Taxpayer Funding for Abortion and Abortion Insurance Full Disclosure Act of 2015; H.R.36, Pain-Capable Unborn Child Protection Act; H.R. 448/S.217, Women's Health Protection Act of 2015; H.R. 865, Good Samaritan Health Professionals Act of 2015; H.R. 5524/S. 2687, Access to contraception for Women Service Members and Dependents Act; S 699, Frank R. Lautenberg Chemical Safety for the 21st Century Act