A proposal by House Republicans to overhaul U.S. tax law is gaining traction, aided by the certainty of the Trump Administration. Included among the proposed reforms are changes that could bring an end to a key benefit of home ownership.
"The real-estate industry has long known it would face a fight in 2017 about how federal tax law applies to commercial and residential property," according to an article by Peter Grant and Laura Kusisto. The spectrum and focus of those tax reforms shifted greatly, however, when Donald Trump was unexpectedly elected president.
The article goes on to survey of a comprehensive list of concerns from real estate industry executives in response to a Republican proposal to overhaul U.S. tax law, originating from the House of Representatives in June 2016. The article cites Jeffrey DeBoer, chief executive of the Real Estate Roundtable, while discussing several specific proposals from the Republican tax plan.
Among other things, the GOP blueprint calls for the elimination of the deduction for state and local property tax. Industry executives also worry the plan could severely cripple the mortgage interest deduction—long considered a sacred cow of U.S. tax policy.
According to the article's explanation of the proposed changes to the mortgage interest deduction, Republicans would double the standard deduction, which would then disincentivize itemized deductions (like the mortgage interest deduction), which would, in turn, disincentivize home ownership.
The proposal would also eliminate the current deduction for debt interest payments for all businesses, which enables "acquisitions of office buildings, stores, hotels and other commercial property," according to the article. Finally, the plan would "eliminate depreciation for real-estate companies as well as other businesses."
FULL STORY: Real-Estate Industry Braces for Tax Upheaval

Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

In Urban Planning, AI Prompting Could be the New Design Thinking
Creativity has long been key to great urban design. What if we see AI as our new creative partner?

King County Supportive Housing Program Offers Hope for Unhoused Residents
The county is taking a ‘Housing First’ approach that prioritizes getting people into housing, then offering wraparound supportive services.

Researchers Use AI to Get Clearer Picture of US Housing
Analysts are using artificial intelligence to supercharge their research by allowing them to comb through data faster. Though these AI tools can be error prone, they save time and housing researchers are optimistic about the future.

Making Shared Micromobility More Inclusive
Cities and shared mobility system operators can do more to include people with disabilities in planning and operations, per a new report.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
planning NEXT
Appalachian Highlands Housing Partners
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie