House Passes Tax Bill

The Senate is expected to vote on the bill tomorrow. President Trump had urged Congress to pass the bill prior to the Christmas holiday recess. 

 

Shortly after the House vote concluded, Mortgage Bankers Association President and CEO David H. Stevens praised the bill's passage.

 

“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," he said. "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."