Affordable Housing Credit Improvement Act of 2016

S.3237, the Affordable Housing Credit Improvement Act of 2016. Support. Recommend the inclusion of language that directs the U.S. Treasury Department, or more specifically, the IRS, to recognize Section 202 developers as having tax credit development experience.

Client expense: Not reported · Firm income: $6,300

Government targets: HOUSE OF REPRESENTATIVES, SENATE

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, all provisions. Energy H.R. 6376, to amend the Internal Revenue Code of 1986 to modify the energy efficient commercial buildings deduction, and for other purposes, all provisions. Supported extension of the Section 45L New Energy Efficient Home Credit, the Section 48 Energy Credit, and the Section 179D Energy Efficient Commercial Buildings Deduction (also favor improving the Commercial Buildings Deduction by establishing a sliding scale of energy improvements, which would help spur investment in energy efficient improvements in older buildings). 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. 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. S. 3237, 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. Workforce Housing S. 3384, Middle-Income Housing Tax Credit Act of 2016, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, all provisions. Carried Interest H.R. 2889/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. Partnership Audits P.L. 114-74, Bipartisan Budget Act of 2015, Section 1101, partnership audits and adjustments. H.R. 6439/S.3506, The Tax Technical Corrections Act of 2016, Section 101: Amendments Relating to Protecting Americans From Tax Hike Act of 2015, Exception from Qualified Pension Funds; Title II-Technical Corrections Related to Partnership Audit Rules, all provisions. Tax Regulations Department of the Treasury, Internal Revenue Service TD-9787, Section 707 Regarding Disguised Sales, Generally Department of the Treasury, Internal Revenue Service TD-9798, Liabilities Recognized as Recourse Partnership Liabilities Under Section 752 Department of the Treasury, Internal Revenue Service Proposed REG-122855-15, Liabilities Recognized as Recourse Partnership Liabilities Under Section 752 Department of the Treasury, Internal Revenue Service REG-163113-02, Estate, Gift, and Generation-Skipping Taxes; Restrictions on Liquidation of an Interest

General issues related to corporate tax reform; General issues related to taxation on derivatives; S 3237, Affordable Housing Credit Improvement Act of 2016, issues related to the low income housing tax credit.

Client expense: $980,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Proposals impacting the low-income housing credit, including H.R. 1142 and S. 1193; to make permanent and expand the temporary minimum credit rate for the low-income housing tax credit program. S.1946, Tax Relief Extension Act. H.R. 2029, Consolidated Appropriations Act. H.R. 3110/S. 1795, National Disaster Tax Relief Act. Proposals related to converting excess bonds into housing credits. S. 2962, Affordable Housing Credit Improvement Act. House Republican Tax Reform Task Force Blueprint. S. 3237, Affordable Housing Credit Improvement Act of 2016. S. 3384, the Middle-Income Housing Tax Credit Act.

Client expense: Not reported · Firm income: $40,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Low-Income Housing Credit and associated affordable housing issues including legislation S. 3237 and S. 2962 the Affordable Housing Improvement Act

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Issues surrounding the Low-Income Housing Tax Credit and affordable housing. S. 2962 and S. 3237 the Affordable Housing Improvement Act

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Low-Income Housing Credit and associated affordable housing issues including legislation S. 3237 and S. 2962 the Affordable Housing Improvement Act

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Issues surrounding the Low-Income Housing Tax Credit and affordable housing. S. 2962 and S. 3237 the Affordable Housing Improvement Act

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Housing and health care, including aging in place and in-home modifications; coordination across agencies and programs, including the Departments of Health and Human Services (HHS) and Housing and Urban Development (HUD); Medicare, Medicaid and HUD Section 202 programs; Medicare Independence at Home program. S.3230, Senior Home Modification Assistance Initiative Act S.3237, Affordable Housing Credit Improvement Act of 2016

Client expense: $260,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

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, all provisions. Rep. Renacci, 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. 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, Section 3: Extension of Energy Credit. 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). 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. S. 3237, 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. Workforce Housing S. 3384, Middle-Income Housing Tax Credit Act of 2016, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, all provisions. Housing Affordability tax incentives (including developer tax incentives and bond preservation possibilities) S. 3175, First-Time Homebuyer Credit Act of 2016, to amend the Internal Revenue Code of 1986 to create a refundable first-time homebuyer tax credit, all provisions. Carried Interest H.R. 2889/S.1686, 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. Partnership Audits P.L. 114-74, Bipartisan Budget Act of 2015, Section 1101, partnership audits and adjustments. Tax Regulations Department of the Treasury, Internal Revenue Service REG-108060-15, Treatment of Certain Interests in Corporations as Stock or Indebtedness Department of the Treasury, Internal Revenue Service REG-163113-02, Estate, Gift, and Generation-Skipping Taxes; Restrictions on Liquidation of an Interest

S.3237, the Affordable Housing Credit Improvement Act of 2016. Support. Recommend the inclusion of language that directs the U.S. Treasury Department, or more specifically, the IRS, to recognize Section 202 developers as having tax credit development experience.

Client expense: Not reported · Firm income: $6,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

25C, 45L, Low Income Housing Tax Credit, carried interest, tax reform, mortgage interest deduction, 25D, 179D, Legislation to improve and to make the Low Income Housing Tax Credit permanent, Tax Extenders Legislation, S. 3384: Middle-Income Housing Tax Credit Act of 2016, S. 2962: Affordable Housing Credit Improvement Act of 2016, S. 3237: Affordable Housing Credit Improvement Act of 2016.

Client expense: $720,000 · Firm income: Not reported

Proposals impacting the low-income housing credit, including H.R. 1142 and S. 1193; to make permanent and expand the temporary minimum credit rate for the low-income housing tax credit program. S.1946, Tax Relief Extension Act. H.R. 2029, Consolidated Appropriations Act. H.R. 3110/S. 1795, National Disaster Tax Relief Act. Proposals related to converting excess bonds into housing credits. S. 2962, Affordable Housing Credit Improvement Act. House Republican Tax Reform Task Force Blueprint. S. 3237, Affordable Housing Credit Improvement Act of 2016. S. 3384, the Middle-Income Housing Tax Credit Act.

Client expense: Not reported · Firm income: $40,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE