Page 71 - AMM-MAY2022-4

BIDEN BUDGET PROPOSAL OCALLS FOR HARMFUL
MULTIFAMILY TAX PAY-FORS
n March 29, President Biden proposed tax provisions. Congress rightly did not released his Fiscal Year 2023 enact these tax proposals last year when they were budget proposal. This year’s considered as part of the infrastructure package, and proposal includes several doing so now would only reduce funds available to provisions key to our industry— develop and manage real estate, an enterprise that including a 19 percent HUD budget often includes significant risk.
increase and provisions that would once again target ordinary income tax rates, capital gains tax rates, the taxation of unrealized capital gains at death, like-kind exchanges and carried
interest.
WHAT THIS PROPOSAL MEANS FOR THE INDUSTRY
NMHC appreciates the Administration’s focus on additional HUD funding that would support our shared housing affordability goals. However, we remain concerned about the harmful impacts of the
The proposal is largely viewed as a messaging document that is intended to layout the Administration’s agenda for the year ahead—whether or not included provisions are eventually enacted remains to be seen. However, NMHC remains highly engaged to deter policymakers from implementing policies that threaten the stability of our industry and hinder much-needed development.
HOUSING SUPPLY FUND
The HUD budget includes $35 billion for the Housing
AMM4 APARTMENT MANAGEMENT MAGAZINE - MAY 2022 71