The House Ways and Means Committee held an all-day hearing on September 6th to hear testimony on a potential Democratic tax reform package that is expected to reach the House floor this year. Although the big ticket items such as AMT reform were the subject of much discussion, the Democratic theme of tax fairness was also emphasized in the hearing. More importantly, Ways and Mays Committee chairman Charlie Rangel (D-NY) stated prior to the hearing that “a wide range of proposals could be combined in one tax bill” and also commented on the bill’s potential scope by saying “if it’s in the code, it’s in the bill.”
Rangel had promised to deliver a tax reform plan at the beginning of the summer but the package never materialized. Despite the delay, preservationists are optimistic that the bill’s reform provisions will be broad enough to include amendments to improve the federal rehabilitation tax credit as proposed in the “Community Restoration and Revitalization Act of 2007” (HR 1043/S. 584). The National Trust and its preservation partners will begin a push this month to increase co-sponsors of HR 1043 and S. 584 in a run-up to a markup of the Democratic tax plan.
For more information on the amendments proposed in HR 1043 and S. 584, please visit http://www.nationaltrust.org/rehab_tax_credits/One_Page_Tax_Brief.pdf.
Cosponsors of “The Community Restoration and Revitalization Act of 2007” to date include:
HR 1043 – Rep. Stephanie Tubbs Jones (D-OH), SPONSOR
COSPONSORS (73): Neil Abercrombie (D-HI), Thomas Allen (D-ME), Shelley Berkley (D-NV), Earl Blumenauer (D-OR), Jo Bonner (R-AL), Leonard Boswell (D-IA) Nancy Boyda (D-KS), Julia Carson (D-IN), Ben Chandler (D-KY), Steven Cohen (D-TN), Robert Cramer (D-AL), Donna Christensen (D-VI), Barbara Cubin (R-WY), Henry Cuellar (D-TX), Elijah E. Cummings (D-MD), Artur Davis (D-AL), Danny Davis (D-IL), Tom Davis (R-VA), Rosa DeLauro (D-CT), Vernon Ehlers (RMI), Keith Ellison (D-MN), Rahm Emanuel ((D-IL), Phil English (R-PA), Bob Filner (D-CA), Vito Fossella (R-NY), Jim Gerlach ((R-PA), Bart Gordon (D-TN), Stephanie Herseth (D-SD), Brian Higgins (D-NY), Maurice Hinchey (D-NY), Rush Holt (D-NJ), Eddie Bernice Johnson (D-TX) Patrick Kennedy (D-RI), Mark Steven Kirk (R-IL), Randy Kuhl (R-NY), Ray LaHood (R-IL), James Langevin (D-RI), John B. Larson (D-CT), Zoe Lofgren (D-CA), Donald Manzullo (R-IL), Jim Marshall (D-GA), Carolyn McCarthy (D-NY), Betty McCollum (D-MN), Jim McDermott (D-WA), Mike McIntyre (D-NC), James P. McGovern (D-MA), Michael McNulty (D-NY), Kendrick Meek (D-FL), Michael Michaud (D-ME), Brad Miller (D-NC), Jeff Miller (R-FL), Alan B. Mollohan (D-WV), Dennis Moore (D-KS), Christopher Murphy (D-CT), Richard Neal (D-MA), Bill Pascrell, Jr. (D-NJ), Ron Paul (R-TX), Collin Peterson (D0-MN), Todd Russell Platts (R-PA), Nick Rahall (D-WV), Jim Ramstad (R-MN), Mike Ross (D-AR), Janice Schakowsky (D-IL), Adam Schiff (D-CA), David Scott(D-GA), Christopher Shays (R-CT), Mark Souder (R-IN), Michael Turner (R-OH), Chris Van Hollen (D-MD), Timothy Walberg (RMI).
S 584 – Blanche Lincoln (D-AR), SPONSOR
COSPONSORS (7): Wayne Allard (R-CO), Kay Bailey Hutchison (R-TX), Mary Landrieu (D-LA), Patrick Leahy (D-VT), Joseph Lieberman (I-CT), Mark Pryor (D-AR), Gordon Smith (R-OH).
Reprinted by permission of the Public Policy Department of the National Trust