Earlier this month, Senators Max Baucus (D-MT) and Orrin Hatch (R-UT), the Chairman and Ranking Member of the Senate Finance Committee, wrote to their Senate colleagues asking for comments and feedback on tax reform. In the letter, Senators Baucus and Hatch describe the â€œblank slateâ€ approach they will take in reforming the tax code and the only provisions, credits, or deductions that will be continued after tax reform are those that meet: “(1) help grow the economy, (2) make the tax code fairer, or (3) effectively promote other important policy objectives.”
Senators have been asked to submit their comments or recommendation letters to the Finance Committee by Friday, July 26th and the submissions will not be made public by the Finance Committee.
It is important that Senators hear from CDFI about the tax provisions that are critical to the community development and economic revitalization efforts in their home states â€“ particularly the impact of the New Markets Tax Credit, the Low Income Housing Tax Credit, and the Historic Tax Credit.
In an effort to encourage Senators to comment on the these tax provisions that help fuel the work of CDFI â€“ the Coalition has drafted language on the New Markets Tax Credit, the Low Income Housing Tax Credit, and the Historic Tax Credit that CDFIs can encourage their Senator(s) to include or reference in comments they submit to the Finance Committee.