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AN IMPACT ANALYSIS FOR THE HRENTAL HOUSING INDUSTRY
Analysis by National Multifamily Housing Council (NMHC)
ouse Democrats on As reported previously, this large spending bill was November 3 released a new introduced after months of negotiations and has version of the so-called been scaled back by nearly half from its original $3.5 “human infrastructure” trillion price tag. Major provisions include expanded legislation that Speaker child tax credit, universal preschool, investments in Nancy Pelosi (D-CA) hopes to elder care, and expansions of Pell grants and free move through the chamber on school meals. The legislation also makes an historic November 5. investment in housing with the inclusion of over $150
While timing and the outcome
billion in affordable housing provisions.
of the vote in the House is still The $1.85 trillion plan is offset by tax increases on unclear, this legislation must also be considered by ordinary income and capital gains income that would the Senate where a path forward remains equally impact upper-income Americans. According to the uncertain. At the very least, it is anticipated that Joint Committee on Taxation’s budgetary score, Senate Democrats will make significant changes to $1.48 trillion of spending in the bill would be covered the bill. by these offsets.
This recent action comes just one week after President Biden on October 28 went to Capitol Hill and released his Administration’s updated framework for the Administration’s Build Back Better plan. Since the release of the updated framework last week, several additional measures have been added to this most recent package—including paid family and medical leave, modifications to the SALT cap and additional funding for the Low-Income Housing Tax Credit (LIHTC).
CS-8 DECEMBER 2021 - APARTMENT MANAGEMENT MAGAZINE
NMHC continues to raise concerns over the significant tax increases in the proposal that would impose the net investment income tax on income
NMHC is the place where the leaders of the apartment industry come together to guide their future success. With the industry’s most prominent and creative leaders at the helm, NMHC provides a forum for insight, advocacy and action that enable both members and the communities they build to thrive.