The National Association of Home Builders is concerned about the impact of a tax code rewrite.
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 would devastate our industry by depressing home values, which would put countless more homeowners underwater and trigger a new wave of foreclosures and layoffs in our industry.
NAHB urges members to take action 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.
The association has created Builder Link to facilitate the process of contacting lawmakers, www.capitolconnect.com/builderlink/. CapitolConnect™ is a NAHB legislative activation tool that provides a convenient means to contact elected officials about issues of concern to you, your community and the association. Simply click on the item of interest, “Tax Code Rewrite,” and let your voice be heard.
Tell your senators it is critical that they preserve vital housing tax incentives like the mortgage interest deduction and the Low Income Housing Tax Credit to create jobs and keep the economic recovery moving forward. Ask them to preserve these 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.