WASHINGTON, DC–The National Association of Home Builders had decided to oppose the tax reform plan expected to be released tomorrow by the House of Representatives. The association had been working with Congress on the plan and had expected it to include a homeownership tax credit, according to Granger MacDonald, chairman of the NAHB and a home builder and developer from Kerrville, Texas. This would have replaced the mortgage-interest deduction that is currently part of the tax code and would be eliminated under the reform package.
Instead, executives from the association learned over the weekend that the plan would not include this credit. The association plans to lobby against the measure when it is released.
“By sharply reducing the number of taxpayers who would itemize, what's left is a tax bill that essentially eviscerates the mortgage interest deduction and strips the tax code of its most vital homeownership tax benefit,” MacDonald said in a prepared statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
