Tax Code Rewrite Threatens Housing Tax Incentives

Several vital housing tax incentives that create jobs and keep the economic recovery moving forward are under fire.

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. 

Act Now! 

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.