Apartment Trends Magazine September 2015 | Page 41

The short-term extension will give House Ways and Means Committee Chairman Paul Ryan (R-Wis.) an opportunity to draft a
longer-term highway bill. The goal is to draft a bill that generates
revenues by overhauling the nation’s international tax laws.
However, this short-term highway bill does not include an
extension of more than 50 expired tax provisions. These tax provisions include incentives to make investments in multifamily properties, support affordable housing and promote energy-efficiency.
The so-called tax extenders are likely to be enacted after the August
recess. This may be done as part of a year-end package addressing
the debt ceiling and appropriations. But if Chairman Ryan sees
success in international tax reform, then extenders could also move
as part of that legislation.

Highway Bill: Tax Compliance Provisions

The tax compliance provisions in the highway bill would require
partnerships to file tax returns by March 15 – or two and a half
months after the close of its tax year. And C corporations would
be required to file tax returns by April 15 – or three and a half
months after the close of its tax year. Under current law, partnerships are required to file tax returns by April 15 while C corporations must file by March 15.

Another revenue offset in the highway bill would mandate that
estates report the value of property transferred to decedents and
the Internal Revenue Service. This would prevent decedents from
inflating their basis in inherited property and, thereby, reducing
their tax liabilities when they sell acquired assets.

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Tax Extenders

As noted above, the annual debate and process to extend a
number of temporary tax provisions of interest to apartment firms
is yet again underway. On July 21, the Senate Finance Committee
voted 23-3 to renew these tax extenders. As we reported, there are
numerous tax extenders that would impact apartment housing.

It’s uncertain what legislative vehicle will ultimately carry the
extenders to the White House this fall. In addition, it remains to
be seen if Congress will agree to make several of them permanent.

NAA BOARD ADOPTS POLICY ON REQUESTS FOR
EMOTIONAL SUPPORT ANIMALS
The NAA Board of Directors has approved a statement of
policy on the issue of reasonable accommodation for requests for
emotional support animals. This issue is trending as one of the most
significant operational challenges for apartment operators as the
current rules allow for abuse by individuals attempting to avoid pet
restrictions in apartment communities.

A working group of NAA members spent two months looking
at all aspects of the issue and crafted a statement of policy that:
• Reaffirms the industry’s support for those who legitimately
need an emotional support animal and

• Urges the U.S. Department of Housing and Urban Development (HUD) to amend its rules to curb such abuse.
NAA hasreceived support for this position from psychiatric
and animal rights organizations. NAA will seek their support in
advocating before HUD on this issue.

For more Apartment Advocate articles, please visit www.naahq.org
www.aamdhq.org

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SEPTEMBER 2015 • TRENDS | 39