Major tax reform legislation, H.R. 1, has been introduced in the U.S. House of Representatives and will soon come to a vote.
The bill contains 2 provisions of serious concern to aging services providers and the elders they serve:
- Elimination of the tax deduction for medical expenses.
- Elimination of tax-exempt financing for the development and preservation of affordable senior housing and life plan communities/CCRCs.
This radical legislation would disproportionately affect older adults, many of whom have higher than average medical costs and/or live in affordable housing.
For example, tax-exempt bond financing is one of the key ways vital housing for older adults can be developed and preserved. Eliminating the tax exemption for housing bonds will end the use of 4% low-income housing tax credits (LIHTC), which accounted for 60% of the homes produced and preserved under the LIHTC program in 2016. Loss of tax exempt bondfinancing also will make it impossible for non-profits to continue developingand preserving CCRCs.
Congress needs to hear from you today. Tell your lawmakers to protect the medical expense deduction and tax-exempt financing for senior housing and CCRCs. Tell them older adults need this. Tell them protecting these tax provisions is the right thing to do.
How You Can Help
- Call your lawmakers TODAY at 855-837-6894. We’ve set up this toll-free number to connect you directly to their offices.
- Share this information with the residents in your community and suggest that they call as well. The proposed changes will directly impact them.
- Forward this action alert to your network.