COLUMBIA, S.C. – December 22, 2014 – (RealEstateRama) — On December 16, 2014, the Senate passed H.R. 5771, the Tax Increase Prevention Act of 2014, by a vote of 76-16. South Carolina REALTORS® (SCR) applaud Congressional leaders in both chambers for their effort to pass the legislation prior to adjournment.
The bill includes a one-year extension of several expired tax provisions that benefit homeowners, including tax relief for mortgage debt forgiveness. The Mortgage Forgiveness Tax Relief Act prevents underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed.
The legislation also includes one-year extensions of the 15-year depreciation schedule for leasehold improvements and the deduction for improvements to energy efficient commercial buildings.
“REALTORS® have worked hard to ensure Quality of Life for all, by championing these key real estate tax provisions. We are thankful for the bipartisanship of the legislators and look forward to the bill being signed into law,” said SCR CEO Nick Kremydas.
The House passed the bill on December 3. It now goes to the President, who is expected to sign it into law.
South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for 15,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.
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CONTACT: Sharon Delia