What AIA has done to date.
* Working with AIA’s coalition partners we have
lobbied all House and Senate members on key committees to include the Historic Tax Credit (HTC), 179D, and pass-through provisions within the tax reform bills.
* AIA National has worked in conjunction with state chapters and the National Trust for Historic Preservation on the push to retain the HTC in the final tax reform bill.
* We have
sent two action alerts to AIA members asking them to email their Members of Congress.
Current state of play and status of the HTC, 179D, and S Corp tax reform provisions
* The HTC is completely repealed in the House’s tax reform bill
* The 179D energy efficiency tax incentive is completely omitted from House’s tax reform bill, with not much interest from House members to reinstate it.
* The House bill creates a new 25% rate for pass-through entities, but certain services including architecture are excluded from that rate and would continue to pay the full individual rates.
* The HTC is severely curtailed in the Senate’s tax reform bill, with the 10% credit being eliminated and the 20% credit spread over 5 years.
* The 179D energy efficiency tax incentive is completely omitted from the Senate’s tax reform bill, , but could be included in a possible separate year-end tax package.
* The Senate bill creates a new 17.4% deduction for pass-throughs, but excludes certain services including architecture from being able to use the deduction.
* Evolving Legislative Climate:
* Since the conclusion of our conference call just yesterday, legislative maneuvering is already changing the tax reform debate on Capitol Hill. To see an update provided by the Washington Post