As you know from
previous AHCA/NCAL communications, on November 2, 2017, the Republican
leadership of the U.S. House of Representatives introduced the Tax Cuts and
Jobs Act. This bill proposes to eliminate the use of private activity
and advance refunding bonds beginning on Jan. 1, 2018.
The elimination of
private activity debt instruments would significantly and adversely impact the
ability for the majority of our not for profit members to fund new
construction, infrastructure improvements, acquisitions and other capital
expenditures for their operations, including skilled nursing, assisted living
centers and many affordable housing projects (impacting our for-profit
providers as well). The Tax Cuts and Jobs Act also includes repealing the
medical
expense deduction.
AHCA/NCAL joined an AARP-led Coalition to
preserve the medical expense deduction.
AHCA/NCAL opposes
both the elimination of private
activity bonds, along with the repealing of the medical expense
deduction. On November 9, the Senate Republicans released their own tax
reform plan. This plan would
preserve private activity bonds, but advance refundings would still be terminated after this year.
The Senate
proposal also preserves the existing medical expense deduction and enhances the
standard deduction for the blind and elderly. Last Friday, AHCA/NCAL and
several other national organizations that are part of the AARP-led Coalition
sent a letter to the tax reform House and Senate
Conferees on the medical expense deduction provision. As House and Senate
negotiators continue to work to try to blend the legislation passed by each
chamber, AHCA/NCAL will keep its members posted of any relevant updates.
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