One hot button item to watch as Congress takes up the issue of tax reform in the coming weeks: whether Republicans are able to follow through on a promise to reform the mortgage interest deduction.
Diana Olick writes: "The mortgage interest tax deduction has long been considered politically untouchable — until now, that is."
According to Olick, the forthcoming Congressional debate about tax reform is still expected to take up the matter of the mortgage interest deduction.
The mortgage interest deduction, which only benefits about 20 percent of taxpayers, is currently capped at loans up to $1 million for married couples who file jointly and at $500,000 for individual filers. The median value of a U.S. home just crossed the $200,000 market, according to Zillow, so not a lot of people make it to that cap.
Olick's sources say that early discussions are pushing the target for the cap toward $600,000, though Senate Majority Leader Mitch McConnell is on the record recently saying people worried about the deduction can "breathe easy."
For more on the influence of the mortgage interest deduction to the built environment as well as the nation's economy, see previous Planetizen coverage.
FULL STORY: Popular mortgage deduction could get a haircut in tax reform
Trump's Tax Reform Proposal Would Have a Big Effect in the Housing Market
Housing prices may fall 10 percent on average nationwide, according to a preliminary estimate commissioned by the National Association of Realtors, if the Trump Administration's tac code reform package becomes law.
Tax Reform and the Housing Market
Curbed analysis of how local and regional housing markets will react to changes to the country's tax code.
Home Ownership Subsidy Takes a $250,000 Hit in Final Version of Tax Bill
The current mortgage interest deduction is $1 million. The House version of the tax bill called for a $500,000 cap while the Senate left it untouched. They split the difference and capped it at $750,000. Congress is expected to pass H.R. 1 this week
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
San Francisco's School District Spent $105M To Build Affordable Housing for Teachers — And That's Just the Beginning
SFUSD joins a growing list of school districts using their land holdings to address housing affordability challenges faced by their own employees.
The Tiny, Adorable $7,000 Car Turning Japan Onto EVs
The single seat Mibot charges from a regular plug as quickly as an iPad, and is about half the price of an average EV.
With Protected Lanes, 460% More People Commute by Bike
For those needing more ammo, more data proving what we already knew is here.
In More Metros Than You’d Think, Suburbs are Now More Expensive Than the City
If you're moving to the burbs to save on square footage, data shows you should think again.
The States Losing Rural Delivery Rooms at an Alarming Pace
In some states, as few as 9% of rural hospitals still deliver babies. As a result, rising pre-term births, no adequate pre-term care and "harrowing" close calls are a growing reality.
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.
Smith Gee Studio
City of Charlotte
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
US High Speed Rail Association
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)