On January 31, the House of Representatives passed HR 7024, the Tax Relief for American Families and Workers Act of 2024 by a vote of 357-70. Among the many provisions of the bill are housing tax credits: the restoration of the 12.5 percent allocation increase for 2023-2025 and the reduction of the bond threshold required to access the 4 percent credit from 50 percent to 30 percent for 2024 – 2025.
This bill now moves on to the Senate where party leaders will negotiate to put the bill to a vote. The legislation will need 60 votes to avoid procedural hurdles and could be delayed if it is sent to the Finance Committee to be marked up instead of directly to the Senate floor.
National housing advocates are urging anyone supporting this bill, and the housing credits it includes, to contact their senators and urge them to bring it to a vote soon. For more on this legislation and advocacy opportunities, visit the Housing Advisory Group’s website.