The 1,000+ page Conference Committee Report on the Tax Reform Bill is expected to be voted on this week in the U.S. Senate and House of Representatives. NAR believes that many improvements were made from the prior bills and remains concerned that it will present problems for homeowners and the broader housing market. Read more about the tax reform Conference Committee Report at: https://www.nar.realtor/tax-reform/nar-issue-brief-hr-1-the-tax-cuts-and-jobs-act-conference-agreement. Highlights of the Conference Committee Report include:
- $750,000 cap on Mortgage Interest Deduction for new mortgages.
- Preserved deductions on interest on second homes, subject to limits.
- Individuals may deduct up to $10,000 in state and local property taxes and income or sales taxes.
Questions: Contact Brenda Morton, Government Affairs and Communications Manager, at (571) 291-9804 or bmorton@dullesarea.com.