The U.S. Senate is considering revamping the tax code which could eliminate some or all housing tax incentives. The Senate Finance Committee recently announced it will consider comprehensive tax reform and initiate proceedings with a blank slate: no exemptions, deductions, or credits.
According to NAHB, this could harm the bottom line of all residential construction businesses, depress home values, impose a tax increase on home owners, and cause massive layoffs in housing and other industries
Many of the tax reform proposals have suggested eliminating or reducing the mortgage interest deduction, the Low Income Housing Tax Credit, the capital gains exclusion for home sales and the deduction of property taxes, among others.
NAHB has issued a Call-To-Action to HBA members asking them to contact their Senators and tell them to preserve housing tax incentives like the mortgage interest deduction and low income housing tax credit. To act and contact your Senators, click here.