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.
Latest from NAHBNow
Economics
May 05, 2026
New Home Sales Rise, Supported by Limited Existing InventorySales of newly built single-family homes rose 7.4% in March, to a seasonally adjusted annual rate of 682,000, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales is up 3.3% from a year earlier.
Economics
May 05, 2026
NAHB Debuts New Resource That Estimates Quarterly Remodeling Spending by StateNAHB is debuting a new resource called the State Projections of Remodeling (SPR) that will provide a quarterly analysis of remodeling activity for each state in the nation based on total dollar volume, market share and change in remodeling spending.
Latest Economic News
Economics
May 04, 2026
Mortgage Rates Climb as Inflation Rebounds and Yields RiseMortgage rates continued to increase in April as ceasefire negotiations remain inconclusive. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.34% in April, 16 basis points (bps) higher than March. The average 15-year rate also increased by 13 bps to 5.69%. Despite the recent increase, both rates remain lower than a year ago by 39 bps and 21 bps, respectively.
Economics
May 01, 2026
Student Housing Construction Investment Holds Steady in the First Quarter of 2026Private fixed investment in student dormitories edged up 0.1% in the first quarter of 2026, holding at a seasonally adjusted annual rate (SAAR) of $3.9 billion. This modest gain marked a third consecutive quarterly increase, despite continued pressures from elevated interest rates. However, on a year-over-year basis, investments in dorms remained almost unchanged.
Economics
Apr 30, 2026
Housing’s Share of GDP Dips Below 16% for First Time Since 2019Housing’s share of the economy was 15.9% in the first quarter of 2026, according to the latest estimates of GDP produced by the Bureau of Economic Analysis. This share is down from 16.0% in the fourth quarter and is lower than 16.5% registered just one year ago.