Tax Bill with NMTC Extension, Other Housing, Development Provisions Passed by House, Blocked in Senate

摘要

The House passed a comprehensive tax bill (H.R. 5970) that includes a one-year extension of the New Markets tax credit (NMTC) program and other housing and development provisions, but a Democratic filibuster blocked action in the Senate. The so-called "trifecta" bill contains extensions of some popular tax provisions, such as the research and development credit, an increase in the minimum wage, and estate tax relief, along with an assortment of other tax provisions. The House approved the legislation, 230-180, on July 28, but the Senate Republican leadership was unable to overcome Democratic opposition to the estate tax provisions and bring the bill to a vote before adjourning for the August recess.