The draft proposal would dramatically change parts of the tax code. It would eliminate the rehabilitation tax credit (also known as the historic tax credit), and the renewable energy investment tax credit. The new markets tax credit is not a permanent program, but by implication it would not be renewed under this bill.
On the plus side, the low income housing tax credit made the first cut and remains, but in a substantially remade format, which likely will make it much less effective. Also, congressional sources are already predicting that tax reform will require serious study and not be enacted this year. Still, the discussion draft provides a working template for further tax reform discussion.
As to the low income housing tax credit, the fundamental changes include: