Congress will soon be voting on a massive tax reform bill that will impact the lives of virtually every household in America. The legislation that emerged from the House and Senate overwhelmingly benefits large corporations and the wealthiest Americans at the expense of the middle-class.
Make your voice heard today and tell your members of Congress to fight for everyone who is working hard to achieve the American Dream and provide housing for their families.
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Next Steps for Tax Reform on Capitol Hill
The House and Senate both passed separate versions of the Tax Cuts and Jobs Act (H.R. 1), so the legislation now goes to a House-Senate conference committee. This process will allow the conferees from both parties to address the differences between the two bills.
As conferees work to produce a final tax overhaul package, NAHB is urging congressional leadership to produce a conference report that provides the best outcome for home owners, renters and the small business community. Specifically, NAHB is calling on Congress to:
- Retain private activity bonds, a key tool for the production of affordable housing.
- Keep the mortgage interest deduction cap at $1 million.
- Retain the mortgage interest deduction for second homes.
- Exclude the punitive income phase-out proposed by the House as part of changes to the capital gains exemption from the sale of a primary residence.
- Allow home owners to deduct up to $10,000 in property taxes.
- Continue to allow the deduction for interest on home equity loans for home repairs and improvements but under the $1 million mortgage interest cap. Both the House and Senate bills eliminate this deduction.
Support American Small Businesses
- Adopt provisions in the Senate bill that bring more parity in how pass-through businesses and C-corporations are taxed, enabling them to maintain a level playing field with large corporations.