Treasury Report Hints at Increase in LIHTC Resources

The Treasury Department recently published "The Made in America Tax Plan Report," which further describes President Biden’s tax plan that was included in the recently announced American Jobs Plan. The tax plan's goal is to make American companies and workers more competitive by eliminating incentives to offshore investment, substantially reducing profit shifting, countering tax competition on corporate rates, and providing tax preferences for clean energy production.

What caught our eye: While the report focuses on elements of the tax plan related to corporate tax and energy incentive reforms, it makes a clear reference to the Biden administration’s support for the LIHTC program. The report states that there are "several additional tax incentives" beyond what's covered in the report that would "directly benefit U.S. corporations, passthrough entities, and small businesses. These include, for example, a marked increase in the resources available through the Low-Income Housing Tax Credit and other housing incentives." However, the report itself is focused on the elements of the Made in America Tax Plan directly related to corporate tax reform and reforming energy incentives.