by Myles Biggs
Yesterday, the National Association of Home
Builders (NAHB) sent a call-to-action out to all NAHB members regarding a potential
tax code rewrite that could eliminate all housing tax incentives. These tax
code changes would not only negatively affect home builders like Ritz-Craft, but would also be
detrimental to home buyers like you. The information below has been provided to
Ritz-Craft by the NAHB.
What's at Stake?
The Senate Finance
Committee recently announced that it will consider comprehensive tax reform and
initiate proceedings with a blank slate: no exemptions, deductions or credits. The
housing industry is pulling together to defend the mortgage interest deduction
and other critical housing tax incentives.
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 the housing industry by depressing home values,
imposing a tax increase on home owners and putting countless more home owners
underwater. A new wave of foreclosures could also be triggered, as well as job
layoffs in housing and other industries.
Urge your Senators to preserve these
vital housing tax incentives. Click here to search for the
contact information of your representative - let them know that you are against eliminating these tax incentives for the housing industry.
Do you have additional thoughts regarding the rewriting of our tax codes? Give us your point of view by writing a comment below.