Here is an official statement from NAHB Chairman Granger MacDonald.
“The House Republican tax reform plan abandons middle-class taxpayers in favor of high-income Americans and wealthy corporations. The bill eviscerates existing housing tax benefits by drastically reducing the number of home owners who can take advantage of mortgage interest and property tax incentives.
“And capping mortgage interest at $500,000 for new home purchases means that home buyers in expensive markets will effectively lose this housing tax benefit moving forward.
“The House leadership killed a cost-effective plan proposed by NAHB that Ways and Means Committee leaders agreed to include in the legislation. It would provide a robust homeownership tax credit that would have helped up to 37 million additional home owners who do not currently itemize. Most of them are low- and moderate-income home owners.
“Meanwhile, as corporations receive a major tax cut, small businesses, which generate the lion’s share of job growth, get limited relief.
“The bottom line: Congress is ignoring the needs of America’s working-class families and small businesses.
“And by undermining the nation’s longstanding support for homeownership and threatening to lower the value of the largest asset held by most American families, this tax reform plan will put millions of home owners at risk.”
GHHBA, a chapter of the National Association of Home Builders, serves licensed builders, associates of the construction industry, and consumers in Marion, Lamar, Forrest, Covington and Perry counties. Our association focuses on formal builder education (MSBOC licensure and CPB certification), informing builders of market news,and giving builders the tools to respond to prospective legislation through our state counterpart, HBAM.
Membership in GHHBA keeps builders accountable to consumers. GHHBA is the name consumers trust when they look for a contractor.