Real Estate and Renewable Energy Credits. Tax Reform Bill Details Continue To Emerge

What’s the story?

As Congress is poised to vote through the final tax reform bill on Tuesday and Wednesday, details of provisions in the bill are still emerging. Some will end up directly benefiting some Members of Congress, while others benefit emerging industries in their districts.

Sen. Bob Corker (R-TN) has come under fire over the weekend due to his last minute pledge to support the bill, despite his deficit concerns (the bill will increase the deficit by $1.4 trillion dollars), which coincided with news that a provision in the final bill would directly benefit those with significant real estate holdings. Corker booked approximately $7 million in real estate income last year.

According to a report by The Tennessean, however, Corker maintains he was unaware of the provision’s inclusion in the bill when he signed on because he’d only read a summary. He sent an open letter to Senate Finance Committee Chairman Orrin Hatch (R-UT) requesting an explanation of the process whereby the provision was included in the final bill, in order to clarify that it was not included to secure his vote.

Meanwhile, leaders in the wind and solar industries, as well as makers of electric cars, heaved sighs of relief that tax credits associated with those technologies were left in the final bill, reports the New York Times. Sen. Chuck Grassley (R-IA) and Sen. Dean Heller (R-NV), went to the mat for wind and electric car credits, as those industries have significant economic impact in their states.

What do you think?

Do you support or oppose any of these provisions? Why or why not? Do you see provisions that benefit lawmakers or their districts as the inevitable horse trading of the legislative process, or not?

Tell us in the comments what you think, then use the Take Action button to tell your reps!

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— Asha Sanaker

(Photo Credit: Wikimedia / Creative Commons)