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Earlier today, NAHB sent out a call to action to all NAHB members regarding a tax code rewrite that could eliminate ALL housing tax incentives, including the mortgage interest deduction, the Low Income Housing Tax Credit, the capital gains exclusion and more—incentives that are critical to the health of the housing industry.
Write Your Senators at: www.CapitolConnect.com/BuilderLink
Tell Them: It is critical that they preserve vital housing tax incentives like the mortgage interest deduction and the Low Income Housing Tax Credit to create jobs and keep the economic recovery moving forward.
What’s at Stake: The Senate is considering revamping the tax code which could ELIMINATE SOME OR ALL HOUSING TAX INCENTIVES. This could harm the bottom line of all residential construction businesses, depress home values, impose a tax increase on home owners and cause massive layoffs in housing and other industries.
Background: The Senate Finance Committee recently announced it will consider comprehensive tax reform and initiate proceedings with a blank slate: no exemptions, deductions, or credits. Our industry must pull 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 OUR INDUSTRY by depressing home values, which would put countless more home owners underwater and trigger a new wave of foreclosures and layoffs in our industry.
Urge Your Senators to: Preserve important housing incentives (the mortgage interest deduction, the Low Income Housing Tax Credit, the capital gains exclusion for home sales, and the deduction of property taxes) in the tax code.