WASHINGTON, D.C. (December 20, 2017) – (RealEstateRama) — David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association, offered the following statement lauding the inclusion of important real estate provisions in the conference report for HR 1, the Tax Cuts and Jobs Act, passed by the House of Representatives today.
“I want to thank House and Senate leadership and the members of the conference committee for including key real estate and housing provisions in the final tax bill. Specifically, we are grateful for the amendment to Section 13221 of the original Senate-passed bill offered by Senator Mike Rounds, to create an exception for any item of gross income in connection to a mortgage servicing contract.
“Additionally, we are glad to see the bill preserves current law by allowing homeowners to exclude up to $500,000 of the gain on the sale of a home. MBA also appreciates the inclusion of the Low-Income Housing Tax Credit (LIHTC) and the tax-exempt status for private activity bonds (PABs). We also are very pleased that the bill preserves business interest deductibility for real estate, as well as Section 1031 like-kind exchanges for real property. Finally, we are glad the bill preserved the option of deductibility of up to $10,000 in property taxes.
“MBA looks forward to working with policymakers on implementation of this legislation.”
Rob Van Raaphorst
(202) 557- 2799