Senate Finance Committee Chairman Charles Grassley (R-Iowa) and Ranking Member Ron Wyden (D-Ore.) have introduced the Tax Extender and Disaster Relief Act of 2019, NAHB-supported legislation that would reinstate and extend key housing tax provisions through Dec. 31, 2019. Of note to the housing community, the legislation addresses what is known as the “tax extenders,” a series of temporary tax provisions that expired at the end of 2017. The bill would retroactively reinstate in 2018 and extend the following expired tax provisions through 2019: Deduction for Mortgage Insurance, Tax Credit for Energy Efficient New Homes, Tax Credit for Qualified Energy Efficiency Improvements, Energy Efficient Commercial Buildings Deduction and the Mortgage Forgiveness Tax Relief. The legislation also provides temporary tax relief for victims of most major natural disasters that occurred after Jan. 1, 2018.
Source: The National Association of Home Builders