Senate Fails to Advance NAHB-Supported Tax Bill
On Aug. 1, the Senate failed to garner the necessary 60 votes on a cloture motion that would have allowed the chamber to move forward and consider an NAHB-supported tax bill called the Tax Relief for American Families and Workers Act of 2024.
This tax legislation would expand the Low-Income Housing Tax Credit (LIHTC), extend the 100% Bonus Depreciation, increase the maximum amount a taxpayer may expense under Section 179 of the tax code, and increase the threshold for information reporting on Forms 1099-NEC and 1099-MISC.
NAHB designated support for this cloture motion as a key vote, which is our highest level of support. And our lobbying team reached out to every Senate office to encourage them to vote for the cloture motion.
Though the measure passed the House with a huge bipartisan vote back in January, it has languished in the Senate because of Republican concerns regarding expansion of the Child Tax Credit.
Despite all the lobbying pressure brought to bear by NAHB and the business community, Senate Republicans did not change their perspective, and the cloture motion fell short of the 60 votes needed to move forward on the bill.
The fact that Senate Majority Leader Chuck Schumer (D-N.Y.) scheduled this vote one day before the Senate was scheduled to recess until Sept. 9 was a good indicator that he expected the motion to fail. If the cloture motion had passed, the Senate would have started consideration of the tax bill, which would have taken up to a week to complete.
NAHB will work to revive this bill in the lame duck session after the November elections. At a minimum, we will urge lawmakers to consider some elements of this tax package, including the LIHTC and other key business-related tax provisions.
This tax legislation would expand the Low-Income Housing Tax Credit (LIHTC), extend the 100% Bonus Depreciation, increase the maximum amount a taxpayer may expense under Section 179 of the tax code, and increase the threshold for information reporting on Forms 1099-NEC and 1099-MISC.
NAHB designated support for this cloture motion as a key vote, which is our highest level of support. And our lobbying team reached out to every Senate office to encourage them to vote for the cloture motion.
Though the measure passed the House with a huge bipartisan vote back in January, it has languished in the Senate because of Republican concerns regarding expansion of the Child Tax Credit.
Despite all the lobbying pressure brought to bear by NAHB and the business community, Senate Republicans did not change their perspective, and the cloture motion fell short of the 60 votes needed to move forward on the bill.
The fact that Senate Majority Leader Chuck Schumer (D-N.Y.) scheduled this vote one day before the Senate was scheduled to recess until Sept. 9 was a good indicator that he expected the motion to fail. If the cloture motion had passed, the Senate would have started consideration of the tax bill, which would have taken up to a week to complete.
NAHB will work to revive this bill in the lame duck session after the November elections. At a minimum, we will urge lawmakers to consider some elements of this tax package, including the LIHTC and other key business-related tax provisions.
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