The Chairman and Ranking member of the Senate Finance Committee, Sens. Charles Grassley (R-IA) and Ron Wyden (D-OR) respectively, having introduced legislation (S. 617) to retroactively extend tax provisions that expired at the end of 2017 and 2018 through the balance of this year and provide disaster tax relief benefits to individuals and businesses affected by major disasters occurring in 2018. Sens. Grassley and Wyden urged passage of the legislation with the 2018 tax filing season underway.
The bipartisan bill includes several tax incentives of interest to the remodeling and construction sector, including the residential energy efficiency tax credit for existing homes (25C), energy efficiency tax credit for new homes (45L), and commercial building tax deduction (179D). In addition, the legislation would allow home owners to deduct the premiums paid for mortgage insurance, and provide mortgage forgiveness tax relief by eliminating any taxes home owners might face due to renegotiating the terms of a home loan.
NLBMDA is part of the Tax Extenders Coalition that supports extending the expired tax incentives. NLBMDA has signed on to a coalition letter sent to House and Senate Leadership and the Chairman and Ranking Members of the congressional tax writing committees supporting extension of the expired tax incentives through 2019. Click here to view the letter.