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Rent Relief Act of 2018 This bill amends the Internal Revenue Code to allow a refundable tax credit for individuals who pay rent for a principal residence that exceeds 30% of the individual's gross income for the taxable year. The amount of the credit ranges from 25% to 100% of the excess rent, depending on the gross income of the taxpayer. The credit is not available for taxpayers with gross income that exceeds $100,000 ($125,000 for a taxpayer whose principal residence is located in a high-cost area, as defined by the bill). Rent that exceeds 150% of the fair market rent (including the utility allowance) for the residence may not be taken into account for the purpose of determining the amount of the credit. For individuals who reside in government-subsidized housing, the bill allows a credit equal to 1/12 of the rent paid by the taxpayer (and not subsidized under the program) during the year with respect to the residence.
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Filing registrants (2)
2019 · first_quarter · Taxation/Internal Revenue Code
Depreciation Rules Requested Congress pass legislation or, alternatively, that the Treasury Department revisit Rev. Proc. 2019-08 and clarify through the regulatory process that firms electing out of limits on business interest deductibility may depreciate multifamily buildings placed in service prior to 2018 over 30 years Business Interest Deductibility Department of Treasury and Internal Revenue Service, 26 CFR Part 1, REG-106089-18, RIN 1545-BO73, Limitation on Deduction for Business Interest Expense, issues pertaining to: (1) the interaction between the small business exception and the real estate trade or business election; and (2) the application of the REIT safe harbor to certain controlled partnerships. Section 199A Qualified Business Income Deduction Tax Technical and Clerical Corrections Act (published as discussion draft on January 2, 2019), Section 4: Amendments Related to Public Law 115-97, provision clarifying that REIT dividends attributable to mutual funds qualifies for Qualified Business Income Deduction. H.R. 216, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. Department of Treasury and Internal Revenue Service, 26 CFR Part 1, TD 9847, RIN 1545-BO71, Final Regulations, Qualified Business Income Deduction Department of Treasury and Internal Revenue Service, 26 CFR Part 1, REG-107892-18, RIN 1545-BO71, Proposed Regulations, Qualified Business Income Deduction Opportunity Zones Department of Treasury and Internal Revenue Service, 26 CFR Part 1, REG-115420-18, RIN 1545-BP03, Investing in Qualified Opportunity Funds Opportunity Zones: No bill introduced but support legislative change to reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Low-Income Housing Tax Credit, Middle-Income Housing Tax Credit, and Incentives for Housing Affordability Support making permanent the 12.5 percent increase in LIHTC authority enacted in March 2018 for 2018-2021 and further augmenting credit authority by 50 percent. Also support establishing a minimum 4 percent LIHTC tax credit rate Draft Legislation, Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing tax credit, and for other purposes, all provisions with a specific focus on those expanding LIHTC allocations; establishing a minimum 4 percent credit; and impacting domestic violence, Qualified Contracts, and Right of First Refusal. Potential Draft legislation for S. 548 (115th Congress), Affordable Housing Credit Improvement Act of 2017, to amend the Internal Revenue Code of 1986 to reform the low-income housing tax credit, and for other purposes, all provisions. Potential Draft legislation for S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to provide a credit for middle-income housing, and for other purposes, all provisions. Also engaged in discussions about feasibility of expanding proposal to enable use of tax-exempt bonds. S. 787, American Housing and Economic Mobility Act of 2019, to make housing more affordable and for other purposes, all provisions. Potential Draft legislation for S. 3250 (115th Congress), Rent Relief Act, to amend the Internal Revenue Code of 1986 to allow for a credit against tax for rent paid on the personal residence of the taxpayer, all provisions. Potential Draft legislation for S. 3342 (115th Congress), Housing, Opportunity, Mobility, and Equity Act of 2018, to require Community Development Block Grant recipients to develop a strategy to support inclusive zoning policies, to allow for a credit to support housing affordability, and for other purposes, all provisions. Requested that any infrastructure bill include tax incentives to expand the Low-Income Housing Tax Credit, enact the Middle-Income Housing Tax Credit, reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes, and repeal or further reform the Foreign Investment in Real Property Tax Act. Studied additional housing affordability legislative tax incentive proposals, including 80/20 bonds and establishing Qualified Equitable Housing Zones Energy Support extending Energy efficient homes credit (IRC 45L) and Energy efficient commercial buildings deduction (IRC 179D) S. 617, Tax Extender and Disaster Relief Act of 2019, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, to provide disaster tax relief, and for other purposes. Section 110: Energy efficient homes credit. Section 113: Energy efficient commercial buildings deduction. Legislative tax proposal to establish a 10-year depreciation period for high-performance energy-efficient qualified improvement property (i.e., heating, cooling, ventilation and water temperature; lighting; and envelope) installed in a covered building, including a multifamily building. Carried Interest H.R. 1735, Carried Interest Fairness Act of 2019, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-through entities, all provisions. S. 781, Carried Interest Fairness Act of 2019, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-through entities, all provisions. Like-Kind Exchanges Support like-kind exchanges for real estate as maintained in Tax Cuts and Jobs Act (Public Law 115-97) Foreign Investment in Real Property Tax Act (FIRPTA) We support repeal or further reforms to promote foreign investment in the U.S. multifamily industry. Draft legislation (became H.R. 2210 that was introduced on April 10, 2019), Invest in America Act, to amend the Internal Revenue Code of 1986 to repeal certain provisions applicable to foreign investment in United States real property, all provisions. H.R. 6726 (115th Congress), Invest in America Act, to amend the Internal Revenue Code of 1986 to repeal certain provisions applicable to foreign investment in United States real property, all provisions.
Read twice and referred to the Committee on Finance.
Introduced in Senate
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Sources: Congress.gov
Client expense: $1,160,000 · Firm income: Not reported
Government targets: Army, Dept of (Corps of Engineers), Consumer Financial Protection Bureau (CFPB), Energy, Dept of, Environmental Protection Agency (EPA), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Natl Labor Relations Board (NLRB), Office of the Comptroller of the Currency (OCC), SENATE, Small Business Administration (SBA), Treasury, Dept of, U.S. Postal Service (USPS)
2018 · fourth_quarter · Taxation/Internal Revenue Code
Tax Reform Implementation, Technical Corrections, and Extension of Expiring Provisions Implementation of Tax Cuts and Jobs Act (2017 Tax Reform Act, Public Law 115-97) with respect to Deduction for Qualified Business Income of Pass-Thru Entities, Applicable Recovery Period for Real Property, Limitation on Deduction for Interest, Like-Kind Exchanges of Real Property, and Opportunity Zones. Asked Congress to enact technical correction or Treasury / Internal Revenue Service to issue guidance clarifying a 30-year depreciation period applies to multifamily properties placed in service prior to 2018 owned by firms electing out of interest deductibility limits. H.R. 88, House Amendment to H.R. 88, Retirement, Savings, and Other Tax Relief Act 2018 and the Taxpayer First Act of 2018. Division A -- Retirement, Savings, and Other Tax Relief Act of 2018: Title V: Certain Tax Technical Corrections and Clarifications: Section 501(a). Amendments Relating to Section 11011 (clarifies treatment of REIT dividends held by mutual funds for purposes of 20 percent qualified income deduction), Section 502: Clarification of Treatment of Veterans as Specified Group for Purposes of Low-Income Housing Tax Credit, Section 503: Clarification of General Public Use Requirement for Qualified Residential Rental Projects. House Rules Committee Print 115-85, House Amendment to H.R. 88, Retirement, Savings, and Other Tax Relief Act 2018 and the Taxpayer First Act of 2018. Division A -- Retirement, Savings, and Other Tax Relief Act of 2018: Title I: Extension of Expiring Provisions, Subtitle C -- Extensions for 2018: Section 128: Energy Efficient Homes Credit and Section 131: Energy Efficient Commercial Buildings Deduction. Title V: Certain Tax Technical Corrections and Clarifications: Section 501(a). Amendments Relating to Section 11011 (clarifies treatment of REIT dividends held by mutual funds for purposes of 20 percent qualified income deduction), Section 502: Clarification of Treatment of Veterans as Specified Group for Purposes of Low-Income Housing Tax Credit, Section 503: Clarification of General Public Use Requirement for Qualified Residential Rental Projects. Also asked Congress to include a technical correction clarifying a 30-year depreciation period applies to multifamily properties placed in service prior to 2018 owned by firms electing out of interest deductibility limits. House Rules Committee Print 115-86, House Amendment to H.R. 88, Retirement, Savings, and Other Tax Relief Act 2018 and the Taxpayer First Act of 2018. Division A -- Retirement, Savings, and Other Tax Relief Act of 2018: Title IV: Certain Tax Technical Corrections and Clarifications: Section 401(a). Amendments Relating to Section 11011 (clarifies treatment of REIT dividends held by mutual funds for purposes of 20 percent qualified income deduction), Section 402: Clarification of Treatment of Veterans as Specified Group for Purposes of Low-Income Housing Tax Credit, Section 403: Clarification of General Public Use Requirement for Qualified Residential Rental Projects. Also asked Congress to include a technical correction clarifying a 30-year depreciation period applies to multifamily properties placed in service prior to 2018 owned by firms electing out of interest deductibility limits. Supported extension of Credit for Energy-Efficient New Homes (IRC Section 45L). We also favored extending and improving the Energy Efficient Commercial Buildings Deduction (IRC Section 179D) by establishing a sliding scale of energy improvements, which would help spur investment in energy efficient improvements in older buildings. Department of Treasury and Internal Revenue Service, 26 CFR Part 1, REG-107892-18, RIN 1545-BO71, Qualified Business Income Deduction. Department of Treasury and Internal Revenue Service, 26 CFR Part 1, REG-115240-18, RIN 1545-BP03, Investing in Qualified Opportunity Funds. Opportunity Zones: No bill introduced, but we support a legislative change to reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Department of Treasury and Internal Revenue Service, 26 CFR Part 1, REG-106089-18, RIN 1545-BO73, Limitation on Deduction for Business Interest Expense. Low-Income Housing Tax Credit, Middle-Income Housing Tax Credit, and Housing Production Tax Incentives H.R. 1661, Affordable Housing Credit Improvement Act of 2017, to amend the Internal Revenue Code of 1986 to reform the low-income housing tax credit, and for other purposes, all provisions. S. 548, Affordable Housing Credit Improvement Act, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 3365, Middle-Income Housing Tax Credit Act of 2018, to provide a credit for middle-income housing, and for other purposes, all provisions. H.R., 3670, to amend the Internal Revenue Code of 1986 to allow for a credit against tax for rent paid on the personal residence of the taxpayer, all provisions. S. 3250, Rent Relief Act, to amend the Internal Revenue Code of 1986 to allow for a credit against tax for rent paid on the personal residence of the taxpayer, all provisions. Discussions with Congressional staff regarding expanding LIHTC to serve extremely low-income households. No specific bill, but studied legislative proposals regarding Qualified Contracts under Low-Income Housing Tax Credit FIRPTA H.R. 6726, Invest in America Act, to amend the Internal Revenue Code of 1986 to repeal certain provisions applicable to foreign investment in United States real property, all provisions.
Client expense: $767,644 · Firm income: Not reported
Government targets: Army, Dept of (Corps of Engineers), Consumer Financial Protection Bureau (CFPB), Energy, Dept of, 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), Internal Revenue Service (IRS), Natl Labor Relations Board (NLRB), SENATE, Small Business Administration (SBA), Treasury, Dept of, U.S. Postal Service (USPS)
2018 · fourth_quarter · Taxation/Internal Revenue Code
All Policies related to Tax Reform; all provisions related to the Low Income Housing Tax Credit, Opportunity Zones, and the UBIT Fringe Benefits Tax. All policies relating to the Low Income Housing Tax Credit. Public Law No: 115-141 (H.R. 1652): Consolidated Appropriations Act, 2018 This is a large omnibus bill providing appropriations for the remainder of FY 2018 for all federal departments. Two key LIHTC provisions were included in the bill: 12.5% credit allocation expansion for four years, and a permanent authorization of the income-averaging option. Signed by the President on March 23, 2018. Public Law No. 115-97 (H.R. 1): Tax Cuts and Jobs Act: This bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. It preserves the Low-Income Housing Tax Credit program, with no modifications, and retains the tax-preferred status on Multifamily Housing Bonds. The legislation lowers the top corporate tax rate from 35% to 21%, effective January 1, 2018, which will likely affect Housing Credit pricing and value. The law also creates a base erosions and anti-abuse tax (BEAT), which would make Housing Credit investment less attractive to certain investors with foreign operations. However, the final bill exempts 80% of the value of the Housing Credit from the BEAT, which could mitigate the impact. Signed by the President on December 22, 2017. S. 548 / H.R. 1661: The Affordable Housing Credit Improvement Act. This bill seeks to expand the LIHTC and includes additional provisions to make the program more streamlined and flexible. The Housing Credit allocation authority would be expanded by 50%, which is expected to finance the development or preservation of up to 400,000 additional affordable units over the next decade (the expansion provision is excluded from the House version of the bill). The bill would also: provide a minimum 4% Housing Credit rate for the acquisition of affordable housing and for multifamily Housing Bond-financed developments; permit income averaging in Housing Credit properties to preserve rigorous targeting while providing more flexibility and responsiveness to local needs; create incentives for projects that target homeless or extremely low-income individuals and families, as well as in Native American communities; allow a non-profit or government sponsor to acquire properties when the current 15 year compliance period expires; allow LIHTC properties to claim clean energy credits such as the Energy Efficient New Homes Credit; align LIHTC rules, such as the student rule, more closely with HUD regulations; rename the LIHTC to the Affordable Housing Tax Credit (AHTC); all provisions S. 293 / H.R. 828: Investing in Opportunity Act. This bill aims to improve the economy of distressed areas through a capital gains tax deferment, reduction, or exemption in exchange for reinvestment in Opportunity Zones - geographically targeted low-income areas that would be designated by state governors. The capital gains from the sale or exchange any asset held by the taxpayer would be pooled into newly-created Opportunity Funds, which would be established specifically for making investments in distressed communities; all provisions. H.R. 948: Common Sense Housing Investment Act. This bill would amend the Internal Revenue Code of 1986 to replace the mortgage interest deduction (MID) with a nonrefundable 15% tax credit on the mortgage interest of a primary and secondary residence, up to $500,000. The adjustment is expected to affect only 6% of mortgage holders currently benefitting from the MID, while the replacement would expand the mortgage interest tax benefits to more moderate and low-income homeowners. The savings, which could total $241 billion over 10 years, would be reinvested in affordable housing programs, including the LIHTC and the Housing Trust Fund; all provisions. H.R.6671/S.3250 - Rent Relief Act of 2018 - This bill amends the Internal Revenue Code to allow a refundable tax credit for individuals who pay rent for a principal residence that exceeds 30% of the individual's gross income for the taxable year. The amount of the credit ranges from 25% to 100% of the excess rent, depending on the gross income of the taxpayer. The credit is not available for taxpayers with gross income that exceeds $100,000 ($125,000 for a taxpayer whose principal residence is located in a high-cost area, as defined by the bill). Rent that exceeds 150% of the fair market rent (including the utility allowance) for the residence may not be taken into account for the purpose of determining the amount of the credit. For individuals who reside in government-subsidized housing, the bill allows a credit equal to 1/12 of the rent paid by the taxpayer (and not subsidized under the program) during the year with respect to the residence. S.3365 - Middle-Income Housing Tax Credit Act of 2018 - This bill amends the Internal Revenue Code to allow a tax credit for the development of housing for middle-income households. The credit is based on the existing low-income housing tax credit and applies to the development or rehabilitation of residential rental properties if: (1) 60% or more of the residential units in the project are both rent-restricted and occupied by individuals whose income is 100% or less of the area median gross income, and (2) the project is not federally subsidized or financed with a federally funded grant. The credits are allocated to each state based on population, and state housing agencies then distribute the credits to developers using a competitive process. The credits are paid over a 15-year credit period, and the amounts of the credits are based on a percentage of a project's qualified basis, which is the portion of the project dedicated to affordable middle-income housing. The credit dollar amount allocated to a project may not exceed the amount that is necessary for the financial feasibility of the project and its viability as a qualified middle-income housing project throughout the credit period. To qualify for the credit, the developer must make a long-term commitment to middle-income housing, under which the affordability restrictions for a property remain in place for at least an additional 15 years after the close of the credit period. S. 434 / H.R. 1145: Housing for Homeless Students Act This bill amends the IRS housing credit guidelines to qualify low-income building units that provide housing for homeless children, youth, and veterans who are full-time students. In order to become eligible for the LIHTC, the building units student residents must have been homeless during any portion of the preceding five years (for veterans) or seven years (for children and youth).
Client expense: $135,000 · Firm income: Not reported
Government targets: Agriculture, Dept of (USDA), Bureau of the Census, Executive Office of the President (EOP), Federal Emergency Management Agency (FEMA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Office of Management & Budget (OMB), SENATE, Treasury, Dept of, White House Office
2018 · third_quarter · Housing
General issue area code HOU House(s) of Congress and Federal agencies U.S. SENATE, U.S. HOUSE OF REPRESENTATIVES, Housing & Urban Development - Dept of (HUD) Specific lobbying issues Balanced Housing Policy Section 8 Reform Project -Based Voucher Programs Federal Affordable Housing Programs Federal Affordable Housing Energy Savings Programs Fair Housing/Disparate Impact H.R. 1447 - Fair and Equal Housing Act of 2017 Rural Housing Issues HUD Final Rule: Implementation of the Fair Housing Acts Discrimination Effects Voucher Program Rental Assistance Demonstration Program FHA Multifamily Programs Rural Housing Issues: United States Department of Agriculture (USDA) Rural Housing Rental Assistance Agreements related to the funding. HUD: Affirmatively Furthering Fair Housing HUD: Fair Market Rents and Small Area Fair Market Rents HUD: Bed Bug Policy HUD: Guidance for Public Housing Agencies (PHAs) and Owners of Federally-Assisted HUD: Federal Housing Administration (FHA) multifamily mortgage insurance rates in order to spur the financing of affordable housing and energy-efficient apartments. HUD: Median zip code rents HUD: Limited English Proficiency HUD: FHA Energy Bench Marking Regulation HUD: Flood Risk Management Standard Proposals to expand the availability of affordable and workforce housing Reviewed proposals for the sharing economy Davis Bacon Reform as related to the Department of Housing and Urban Development on the Department of Labor Trump Administration transition issues associated with all aspects of multifamily housing Trump Administration Regulatory Freeze Proposals H.R. 482, the Local Zoning Decisions Protection Act of 2017, all provisions S. 160, the HUD Inspection Process and Enforcement Reform Act of 2017, all provisions S. 73, the Housing Accountability Act of 2017, all provisions H.R. 26, the Regulations from the Executive in Need of Scrutiny (REINS) Act of 201, H.R. 5, The Regulatory Accountability Act of 2017 GSE Reform: Proposals to ensure liquidity in multifamily mortgage market in a post Fannie Mae / Freddie Mac environment Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act Dodd-Frank Reform Community Reinvestment Act Rules High Volatility Commercial Real Estate (HVCRE) legislative proposals Low-Income Housing Tax Credits (LIHTC) FHFA: Federal Housing Finance Agency (FHFA) Quarterly Market Update National Defense Authorization Act (NDAA) for Fiscal Year 2018 (Personnel, Family Housing) Military Housing Privatization Initiative / Basic Allowance for Housing H.R.5177 - National Mitigation Investment Act H.R. 4694/S.1845 - Lead-Safe Housing for Kids Act of 2017 Budget/Appropriations Budget and Appropriations interests include: Commerce, Just, Science and Related Agencies Transportation, Housing, and Urban Development, and Related Agencies Act Appropriations Department of Defense Appropriations Agriculture Appropriations bill, Rural Housing Service (RHS), Housing issues Departments of Labor, Health and Human Services, and Education, and Related Agencies HOME Investment Partnerships (HOME) program funding as it relates to the Low Income Housing Tax Credit Program U.S. Census Bureau-Census/American Community Survey U.S. Bureau of Labor Statistics-data on labor, employment, American productivity statistics and information on economy and workforce funding H.R. 620 - ADA Education and Reform Act of 2017 H.R. 1493 - ADA Lawsuit Clarification Act of 2017 Building Codes and Resiliency Land Use/Infrastructure Issues related to policy and funding for Hurricanes Harvey, Irma, and Maria Testified House Financial Services Committee, Subcommittee on Housing and Insurance, Sustainable Housing Finance: Private Sector Perspectives on Housing Finance Reform, Part II S. 2155, Economic Growth, Regulatory Relief, and Consumer Protection Act H.R. 4258, The Family Self Sufficiency Act. H.R. 202, the Landlord Accountability Act DRAFT SOLICITATION # 86546A18R00001, Housing Assistance Payments (HAP) Contract National Support Services (HAPNSS) S.2230 - Help End Abusive Living Situations Act Docket No. FR-6070-N-01 Notice for Suspension of Small Area Fair Market Rent (Small Area FMR) Designations; Solicitation of Comment HUD: Guidance on Recent Changes in Fair Market Rent (FMR), Payment Standard, and Rent Reasonableness Requirements in the Housing Choice Voucher Program H.R. 4258 - Family Self-Sufficiency Act, as amended H.R. 4279 - Expanding Investment Opportunities Act HUD: Proposals with regard to work requirements for assisted housing S. 1845, Lead Safe Housing for Kids Act Durbin-Scott-Menendez-Young-Duckworth-Donnelly). S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. Sections dealing with: Restoration of the Protecting Tenants at Foreclosure Act of 2009, the Family Self Sufficiency Act and High Volatility Commercial Real Estate (HVCRE) proposals H.R.5352 - Rural Housing Preservation Act of 2018 DRAFT legislation related to Section 8 Pass Through Leases S. 3231 Task Force on the Impact of the Affordable Housing Crisis Act S. 3250 Rent Relief Act of 2018 S. 3342 Housing, Opportunity, Mobility, and Equity Act of 2018 S. ___ American Housing and Economic Mobility Act of 2018 HR ___ Bipartisan Housing Finance Reform Act of 2018 Commented on the House Financial Services Committee, hearing on A Failure to Act: How a Decade without GSE Reform Has Once Again Put Taxpayers at Risk. Testified at the House Financial Services hearing entitled The Cost of Regulation on Affordable Multifamily Development. Housing Choice Voucher Mobility Demonstration. Specifically, with regard to the Transportation, Housing and Urban Development (THUD) appropriations bill for FY 2019 the House provision that provides $50 million for this demonstration. H.R. 5793, the Housing Choice Voucher Mobility Demonstration Act of 2018, H.R. 6545, Violence Against Women Reauthorization of 2018 (VAWA) Reauthorization of the Violence Against Women Act Reviewed DRAFT Data Security Legislation H.R. 6402, the NFIP Extension and Enhanced Consumer and Community Protections Act of 2018. Disaster Recovery Issues H.R. 2069, the Fostering Stable Housing Opportunities Act of 2018 HUD: FY 2019 FMRs - Fair Market Rents for the Housing Choice Voucher Program, Moderate Rehabilitation Single Room Occupancy Program, and Other Programs Fiscal Year 2019 Commented on Senate Banking hearing entitled An Overview of the Credit Bureaus and the Fair Credit Reporting Act Letter to the Senate in support of the nomination of Seth Appleton as the Assistant Secretary, Policy Development and Research, at the Department of Housing and Urban Development (HUD). Reviewed Senate Task Force on the Impact of the Affordable Housing Crisis Act HUD: Participated in listening sessions regarding the Section 8 Housing Choice Voucher program HUD: Affirmatively Furthering Fair Housing proposal Issues related to the acceptability of short-term rental activities
Client expense: $827,620 · Firm income: Not reported
Government targets: Army, Dept of (Corps of Engineers), Consumer Financial Protection Bureau (CFPB), Energy, Dept of, 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), Internal Revenue Service (IRS), Natl Labor Relations Board (NLRB), SENATE, Small Business Administration (SBA), Treasury, Dept of, U.S. Postal Service (USPS)
2018 · third_quarter · Taxation/Internal Revenue Code
Tax Reform Implementation and Extension Implementation of Public Law 115-97 (2017 Tax Reform Act) with respect to: Subtitle A -- Individual Tax Reform, Part II Deduction for Qualified Business Income of Pass-Thru Entities: Section 11011: Deduction for Qualified Business Income. Subtitle C -- Business-Related Provisions: Part III -- Cost Recovery and Accounting Methods: Section 13201: Temporary 100 Percent Expensing for Certain Business Assets, Section 13204: Applicable Recovery Period for Real Property. Part IV -- Business-Related Exclusions and Deductions: Section 13301: Limitation on Deduction for Interest, Section 13303: Like-Kind Exchanges of Real Property, Section 13309: Recharacterization of Certain Gains in the Case of Partnership Profits Interests Held in Connection with Performance of Investment Services. Section 13312: Certain Contributions by Governmental Entities not Treated as Contributions to Capital. Part IX -- Other Provisions: Section 13823: Opportunity Zones H.R. 6760, Protecting Family and Small Business Tax Cuts Act of 2018, to amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals, families, and small businesses, Section 101: Modification of rates, Section 111: Deduction for qualified business income, Section 112: Limitation of losses for taxpayers other than corporations, and Section 151: Increase in estate and gift tax exemption. Energy Tax Incentives No specific bill, but support extending Credit for Energy-Efficient New Homes (IRC Section 45L) and the Energy Efficient Commercial Buildings Deduction (IRC Section 179D). We also considered proposals to incentivize faster depreciation of energy efficiency improvements. Low-Income Housing Tax Credit, Middle-Income Housing Tax Credit, Housing Production Tax Incentives, and Rental Tax Credits H.R. 1661, Affordable Housing Credit Improvement Act of 2017, to amend the Internal Revenue Code of 1986 to reform the low-income housing tax credit, and for other purposes, all provisions. S. 548, Affordable Housing Credit Improvement Act, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. No specific bill, but studied legislative proposals regarding Qualified Contracts under Low-Income Housing Tax Credit. S. 3365, Middle-Income Housing Tax Credit Act of 2018, to provide a credit for middle-income housing, and for other purposes, all provisions. Studied 80/20 Tax-Exempt Qualified Family Communities Bond Program, a proposal to create affordable housing near transit H.R., 3670, to amend the Internal Revenue Code of 1986 to allow for a credit against tax for rent paid on the personal residence of the taxpayer, all provisions. S. 3250, Rent Relief Act, to amend the Internal Revenue Code of 1986 to allow for a credit against tax for rent paid on the personal residence of the taxpayer, all provisions. S. 3342, Housing, Opportunity, Mobility, and Equity Act of 2018, to require Community Development Block Grant recipients to develop a strategy to support inclusive zoning policies, to allow for a credit to support housing affordability, and for other purposes, all provisions. FIRPTA H.R. 6726, Invest in America Act, to amend the Internal Revenue Code of 1986 to repeal certain provisions applicable to foreign investment in United States real property, all provisions. Treasury Regulations Department of Treasury and Internal Revenue Service, 26 CFR Part 1, REG-107892-18, RIN 1545-BO71, Qualified Business Income Deduction Department of Treasury and Internal Revenue Service, 26 CFR Part 1, REG-104397-18, RIN 1545-BO74, Additional First-Year Depreciation Deduction
Client expense: $827,620 · Firm income: Not reported
Government targets: Army, Dept of (Corps of Engineers), Consumer Financial Protection Bureau (CFPB), Energy, Dept of, 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), Internal Revenue Service (IRS), Natl Labor Relations Board (NLRB), SENATE, Small Business Administration (SBA), Treasury, Dept of, U.S. Postal Service (USPS)
| Democratic |
| NH |
| Richard Blumenthal | Democratic | CT |