Home Builders Oppose Changes to Property Tax, Mortgage Interest Deductions
The National Association of Home Builders has launched an initiative to oppose a potential tax reform proposal pushed by Republican leaders in Congress.
The opposition from the powerful industry lobby comes "despite an announcement by a key House Republican, Ways and Means Chairman Kevin Brady of Texas, that a deduction for property taxes would be maintained in tax legislation that is to be unveiled Wednesday," reports Herb Jackson.
A tax reform package proposed in September by the Trump Administration maintained deductions for mortgage interest, according to Jackson. But, "[s]taff from the home builders association had been meeting with Brady's staff because of concerns that eliminating the property tax deduction, combined with a proposal to double the standard deduction, would reduce the tax benefits of home ownership."