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.The Senate is considering drastic changes to the tax code that would end all housing tax incentives and threaten the livelihoods of those who work in the residential construction industry.
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. This woulddevastate our industry by depressing home values, which would put countless more home owners underwater and trigger a new wave of foreclosures and layoffs in our industry.
Urge Your Senators to: Preserve important housing incentives (the mortgage interest deduction, the Low Income Housing Tax Credit, the capital gains exclusion for home sales, and the deduction of property taxes) in the tax code. To Act & Contact Your Senators Today Click Here