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November 16, 2017

House Passes Tax Cuts and Jobs Act (H.R. 1). Senate Finance Committee Continues Markup of Chairman Hatch’s Modified Mark

Today, the U.S. House of Representatives passed H.R. 1 the Tax Cuts and Jobs Act on a 227-205 vote. Among the provisions in H.R. 1 is a proposal to eliminate tax-exempt Private Activity Bonds (PAB) effective January 1, 2018. Amendments to preserve tax-exempt PAB were offered in the House Ways and Means Committee by Rep. Suzan DelBene (D-WA) and in the House Rules Committee by Rep. Randy Hultgren (R-IL) and co-sponsored by Rep. Jared Polis (D-CO). Both failed on a party line vote. Amendments were not allowed as part of the Floor debate.

We are encouraged that the Senate version of the bill, which was introduced on 11.09.17 and undergoing consideration in Senate Finance committee, protects both PAB and LIHTC. However, given the dynamic nature of this debate, we cannot afford to take anything for granted as differences between the House and Senate versions of the bill will need to be reconciled.

Please continue your outreach to Colorado’s Congressional Delegation, especially House Republicans and Senator Cory Gardner, to let them know how critical PAB is to affordable housing and community development in Colorado. Please ask them to urge House and Senate leadership to protect PAB as the policy debate about Tax Reform continues. Please thank Senator Michael Bennet and Senator Cory Gardner for preserving PAB and LIHTC in the Senate version of the bill. Please also contact Congressman Polis’ office and thank him for co-sponsoring the amendment offered in the House Rules committee to preserve PAB.

Click here for information about Private Activity Bonds.

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