Apartment Trends Magazine Nov / Dec 2017 | Page 52

APARTMENT ADVOCATE
NATIONAL APARTMENT ASSOCIATION /
NATIONAL MULTIFAMILY HOUSING COUNCIL
Your Week in Washington
N
MHC/NAA welcome the release of the Republican tax
reform framework and applaud the efforts by lawmakers to
develop pro-growth tax reform that will create jobs and
spark economic growth. We look forward to discussing with
Congress our members’ key issues in the proposal, and the impact of the
package on the apartment industry and its potential to help solve Amer-
ica’s housing affordability crisis. The country needs 4.6 million more
apartments by 2030 just to meet demand, and it’s critical that tax policy
supports the production of that housing.
So far, both the House and Senate have voted to go to conference and
selected the legislators that will participate as conferees. The conference
is where differences between the House and Senate versions will be resolved,
resulting in one final piece of legislation.
Although the priorities of the apartment housing industry have remained
largely intact in the tax reform legislative process, pass-through rates are
one of the largest differences between the two bills and an area where
improvements can be made. Both the House and Senate proposals provide
for a reduced tax rate for the pass-through entities that dominate the
After much chaotic debate, the U.S. Senate passed its version of tax apartment housing industry. The House’s approach is preferable because
its own version of the bill. Despite the latest progress, tax reform still has significant investment. Unfortunately, the Senate bill’s effectiveness is
reform early Saturday morning – a mere two weeks after the House passed
many hurdles to clear before it becomes law. The formal processes required
to reconcile the two unique, competing versions of legislation will play out
over the next few days in Washington.
50 | TRENDS • NOV/DEC 2017
it helps capital-intensive businesses, such as real estate, and could spur
constrained by an embedded limitation.
Once the conference committee finalizes and approves the reconciled
bill, it will then need to be voted on again by both the House and the
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