No Cost Educational Resources Act of 2025

H.R.1048/ S.1296 Defending Education Transparency and Ending Rogue Regimes Engaging in Nefarious Transactions (DETERRENT) Act H.R. 3994 Understanding Student Parent Outcomes Act of 2025 H.R. 3985 Helping Student Parents Succeed Act H.R. 4054 Accreditation Choice and Innovation Act H.R. 433 Department of Education Protection Act H.R. 2003 Affordable Loans for Students Act H.R. 6392 Home School Graduation Recognition Act H.R. 6472 Territorial Student Access to Higher Education Act H.R. 6498 Student Financial Clarity Act H.R. 6502 College Financial Aid Clarity Act H.R. 6686 No Cost Educational Resources Act H.R. 6574 Loan Equity for Advanced Professionals Act H.R.6862 - To amend the Higher Education Act of 1965 to delay, until July 1, 2030, the termination of authority to award certain Federal Direct PLUS loans and the implementation of limits on certain loans for graduate and professional students enrolled at institutions with certain public health designations, and for other purposes. Respond, Innovate, Succeed, and Empower Act of 2025 Lowering Student Loans Act of 2025

Client expense: $33,501 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

TCJA Permanency, Tax Issues in Biden Administrations Fiscal Year 2025 Budget, and Other Proposals Impacting Pass-Through Entities NMHC supports making permanent individual tax rates and the 20 percent qualified business income tax deduction that expires at the end of 2025. S. 1706, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. H.R. 4721, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. H.R. 7024, Tax Relief for American Families and Workers Act of 2024, Title II -- American Innovation and Growth, Section 202: Extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest, Section 203: Extension of 100 percent bonus depreciation, and Section 204: Increase in limitations on expensing of depreciable business assets; Title V -- More Affordable Housing, Section 501: State housing credit allowance ceiling increase for low-income housing credit and Section 502: Tax-exempt bond financing requirement. General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals: Provide a neighborhood homes credit; Expand and enhance the Low-Income Housing Tax Credit; Apply the net investment income tax to pass-through business income of high-income taxpayers; Increase the net investment income tax rate and additional Medicare tax rate for high-income taxpayers; Increase the top marginal income tax rate for high-income earners; Reform the taxation of capital income (tax capital income for high-income earners at ordinary rates and treat transfers of appreciated property by gift or on death as realization events); Tax carried (profits) interests as ordinary income; Repeal deferral of gain from like-kind exchanges; and Require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable real property. Senator Wyden Pass-Through Reform Discussion Draft (2021), all provisions. Promotion of partnerships as business entity Estate Tax, Stepped-Up Basis, and Taxation of Unrealized Capital Gains at Death NMHC supports making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017 (TCJA). In TCJA, Congress, doubled the estate tax exclusion through 2025 while retaining a top tax rate of 40 percent and stepped-up basis rules. NMHC supports retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. NMHC opposes taxing unrealized gains at death. Carried Interest NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year.  Like-Kind Exchanges NMHC supports retaining current law. Depreciation Biden Administration legislative proposal to cap rent increases at 5 percent by denying faster depreciation write offs to available to owners of rental housing. Congress should oppose measures to increase the 25 percent depreciation recapture rate applicable to sales. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 3436, Workforce Housing Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. H.R. 6686, Workforce Housing Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. H.R. 3238, Affordable Housing Credit Improvement Act of 2023, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions, in particular issues relating to increased tax credit authority and tax-exempt bond financing requirements. S. 1557, Affordable Housing Credit Improvement Act of 2023, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions, in particular issues relating to increased tax credit authority and tax-exempt bond financing requirements. H.R. 10195, No Discrimination in Housing Act, to amend the Internal Revenue Code of 1986 to disallow the low-income housing tax credit to taxpayers that have diversity, equity, and inclusion initiatives, all provisions. NMHC supports an increase in the private-activity bond volume cap to enhance the use of 4 percent Low-Income Housing Tax Credits. Analyzed proposals to potentially modify Affordable Housing Credit Improvement Act in 119th Congress, including those pertaining to: Increasing state allocations; modifying student occupancy rules; clarifying Violence Against Women Act provisions; eliminating the 10-year rule and reducing the related party prohibition period to two years; revising and clarifying the treatment of refunding issues; increasing LIHTC program transparency; easing the Section 38(c)(1)(B) cap on the ability to use LIHTCs; extending the carryback period for Housing Credits; exempting multifamily bond authority used for recapitalization and rehabilitation of Housing Credit developments from state private activity bond cap; repealing the qualified contract rule prospectively; providing a purchase option as an alternative to the right of first refusal for limited partnership agreements entered into by nonprofits after the date of enactment; allowing states to extend the placed in service deadline by up to 12 months; requiring owners to provide notice of expiring affordability to local governments and tenants; excluding the value of certain energy benefits, such as grants and rebates, from gross income for tax purposes; and facilitating GSE investment in rural Housing Credit properties. Adaptive Reuse H.R. 9002, Revitalizing Downtowns and Main Streets Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing, all provisions. S. 4693, Revitalizing Downtowns and Main Streets Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing, all provisions. H.R.419 - Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511 (117th Congress), Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Opportunity Zones NMHC supports: (1) Enabling States to recertify and/or redesignate Opportunity Zones to account for current economic realities and changes since Zones were originally designated; (2) Establishing new deferral deadlines so that taxpayers are incentivized to receive both a longer deferral period and the potential for a 10 percent or 15 percent basis increase with respected to reinvested capital gains; and (3) Reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. H.R. 5761, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions.