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Committee hears federal tax‑reform risks and approves $9.6M supplemental to backfill IHSS and HIV funding
Summary
Supervisors received briefings on federal tax bills that could cap SALT deductions, eliminate private activity bond tax benefits and cut health funding; committee approved and forwarded a $9.6M supplemental (largely for IHSS backfill) and a corrective resolution authorizing accelerated draws on private activity bond proceeds to protect affordable housing projects.
The Committee held a combined Federal Select hearing and considered multiple related items focused on federal tax reform and immediate local consequences.
Controller’s and budget office staff described pending congressional proposals that would cap or eliminate the state and local tax (SALT) deduction and could repeal tax‑exempt private activity bonds (PABs). The presentation noted that San Francisco filers claimed roughly $2.1 billion in SALT income tax deductions in 2015 and warned that SALT changes would disproportionately affect higher‑income households and could raise costs for…
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