Revitalizing Downtowns and Main Streets Act

1. H.R. 6833 - Improve and Enhance the Work Opportunity Tax Credit Act 2. H.R. 9002 / S. 4693 - Revitalizing Downtowns and Main Streets Act - Incentivize Adaptive Reuse of Underutilized Commercial Properties

Client expense: $75,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Lobbied to extend deferred gain recognition date in Opportunity Zones program until 2028. Lobbied for enactment of tax incentives to facilitate conversions of underutilized commercial buildings to affordable housing and mix-use developments. H.R.9002 and S.4693-Revitalizing Downtowns and Main Streets Act. Lobbied to maintain IRS Code Section 1031 like-kind exchanges. Lobbied for extension of 100% bonus depreciation for qualified property placed in service after December 31, 2022. Lobbied for increase to the Low-Income Housing Tax Credit. Lobbied in support of the Main Street Tax Certainty Act (H.R. 4721) to make permanent the IRS Section 199A 20% deduction for small and individually owned businesses. Lobbied for passage of H.R. 7024, the "Tax Relief for American Families and Workers Act of 2024".

Client expense: $424,972 · Firm income: Not reported

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

HR 5580, Saving Our Mainstreet American Locations for Leisure and Shopping Act - ALL S 1706/HR 4721, Main Street Tax Certainty Act - ALL HR 9002/S 4693 Revitalizing Downtowns and Main Streets Act - ALL HR 7024 Tax Relief for American Families and Workers Act - Sec. 202-204 IRC Section 1031 - maintaining current treatment - no bill IRC Sec 1061 - maintaining current treatment - no bill IRC Section 118 - to provide that certain contributions by government entities are treated as contributions to capital - no bill Wyden Pass-Through Reform - no bill, discussion draft - ALL H.R. 419, Revitalizing Downtowns Act - enhancements to facilitate conversion of commercial buildings into other uses - ALL H.R. 2686, Ending Wall Street Tax Giveaway Act - ALL S. 3317 Ending the Carried Interest Loophole Act - ALL H.R. 3749, Retail Revitalization Act of 2023 - ALL H.R. 5761 Opportunity Zones Transparency, Extension & Improvement Act, ALL S. 4123 Carried Interest Fairness Act - ALL

Client expense: $350,000 · Firm income: Not reported

S. 4693/H.R. 9002, Revitalizing Downtowns and Main Streets Act H.R. 419, Revitalizing Downtowns Act S. 680, DASH Act

Client expense: Not reported · Firm income: $12,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Historic Tax Credit Growth and Opportunity Act (H.R. 1785/S. 639) Neighborhood Homes Investment Act (H.R. 3940/S. 657) New Markets Tax Credit Extension Act of 2023 (H.R. 2539) Revitalizing Downtowns and Main Streets Act (H.R. 9002/S. 4693)

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

General Tax Reform;   Inflation Reduction Act Implementation H.R. 976, TCJA Permanency Act S. 866, American Innovation & Jobs Act;   H.R.2673, American Innovation and R&D Competitiveness Act of 2023; H.R. 3940 and S. 657, Neighborhood Homes Investment Act;   H.R. 419 and S. 2511, Revitalizing Americas Downtowns Act;   H.R.4721 and S.1706, Main Street Tax Certainty Act; H.R. 9002 and S.4693, Revitalizing Downtowns and Main Streets Act

Client expense: $520,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), SENATE, Treasury, Dept of, White House Office

HR 419, Revitalizing Downtowns and Main Streets Act. HR 9002 Revitalizing Downtowns and Main Streets Act S. 4693 Revitalizing Downtowns and Main Streets Act The President's budget proposal to limit the amount of gain that can be deferred in 1031 real estate like-kind exchanges.

Client expense: $460,000 · Firm income: Not reported

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

1. H.R. 6833 - Improve and Enhance the Work Opportunity Tax Credit Act 2. H.R. 9002 / S. 4693 - Revitalizing Downtowns and Main Streets Act - Incentivize Adaptive Reuse of Underutilized Commercial Properties

Client expense: $75,000 · 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 expire 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: 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. NMHC supports an increase in the private-activity bond volume cap to enhance the use of 4 percent Low-Income Housing Tax Credits. Law that Low Income Housing Tax Credits are not available for the acquisition of properties placed in service during the last ten years ("Ten-Year Rule"): Considered proposals to: (1) Repeal the "Ten-Year Rule"; (2) Explicitly Define Substantially assisted, financed and Federally Assisted Building for the Purposes of the Ten-Year Rule ; and (3) Expand the Definition of Federally Assisted Building to include properties financed with LIHTCs in conjunction with financing from Fannie Mae or Freddie Mac. 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. Opportunity Zones NMHC supports: 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. H.R. 9203, Economic Opportunity for Distressed Communities Act, to amend the Internal Revenue Code of 1986 to establish special rules for capital gains invested in brownfield and superfund sites, all provisions.

HR 5580, Saving Our Mainstreet American Locations for Leisure and Shopping Act - ALL S 1706/HR 4721, Main Street Tax Certainty Act - ALL HR 9002/S 4693 Revitalizing Downtowns and Main Streets Act - ALL HR 7024 Tax Relief for American Families and Workers Act - Sec. 202-204 IRC Section 1031 - maintaining current treatment - no bill IRC Sec 1061 - maintaining current treatment - no bill IRC Section 118 - to provide that certain contributions by government entities are treated as contributions to capital - no bill Wyden Pass-Through Reform - no bill, discussion draft - ALL H.R. 419, Revitalizing Downtowns Act - enhancements to facilitate conversion of commercial buildings into other uses - ALL H.R. 2686, Ending Wall Street Tax Giveaway Act - ALL S. 3317 Ending the Carried Interest Loophole Act - ALL H.R. 3749, Retail Revitalization Act of 2023 - ALL H.R. 5761 Opportunity Zones Transparency, Extension & Improvement Act, ALL S. 4123 Carried Interest Fairness Act - ALL

Client expense: $330,000 · Firm income: Not reported

S. 4693/H.R. 9002, Revitalizing Downtowns and Main Streets Act H.R. 419, Revitalizing Downtowns Act S. 680, DASH Act

Client expense: Not reported · Firm income: $12,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Lobbied to extend deferred gain recognition date in Opportunity Zones program until 2028. Lobbied for enactment of tax incentives to facilitate conversions of underutilized commercial buildings to affordable housing and mix-use developments. H.R.9002 and S.4693-Revitalizing Downtowns and Main Streets Act. Lobbied to maintain IRS Code Section 1031 like-kind exchanges. Lobbied for extension of 100% bonus depreciation for qualified property placed in service after December 31, 2022. Lobbied for increase to the Low-Income Housing Tax Credit. Lobbied in support of the Main Street Tax Certainty Act (H.R. 4721) to make permanent the IRS Section 199A 20% deduction for small and individually owned businesses. Lobbied for passage of H.R. 7024, the "Tax Relief for American Families and Workers Act of 2024".

Client expense: $322,937 · Firm income: Not reported

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