Senate Finance Chairman Ron Wyden (R-Ore.) reintroduced legislation on March 7th that has bipartisan support and, if enacted, would provide tax incentives to improve the availability and affordability of housing.
The bill, the Decent, Affordable, Safe Housing for All (DASH) Act, would increase the low-income housing tax credit, create a middle-income housing tax credit to develop middle-income housing, create a refundable tax credit for property owners renting to low-income tenants, and provide a down payment tax credit for first-time homebuyers.
Wyden introduced the bill shortly after leading a hearing about affordable housing. During that event, Senate Finance Ranking Member Mike Crapo (R-Utah) offered his support for the DASH Act.
“Senator Wyden has introduced the Decent, Affordable, Safe Housing for All – or DASH – Act,” Crapo said. “Thank you all for your hard work.”
Normally, legislation being introduced is not newsworthy. This time is different because Wyden’s bill has bipartisan support, which means it could pass the Senate. Improvements to housing is a top priority for Democrats and Republicans, as well as President Biden.
In other words, when it comes to enacting tax legislation, a housing bill basically has the best chance for passing Congress and being signed into law. However, it is unclear if a housing tax bill could become a vehicle for fixing outstanding tax issues, like R&D expensing or expanding the interest deduction.
More information on Wyden’s bill is here.
We're Here to Help
