The House Ways and Means Committee this week released its long-awaited tax reform legislation, the Tax Cuts and Jobs Act (HR 1).
The wide-ranging bill contains provisions that will have potentially significant impacts on housing and economic development activities. While the bill retains the Low-Income Housing Tax Credit (LIHTC), one of only two business credits preserved, it eliminates the New Market Tax Credit, Private Activity Bonds, and the Historic Preservation Tax Credit.
The proposal would make major changes in the nation’s incentives for homeownership with changes to the mortgage interest deduction, restructuring deductions for local property taxes, and reducing the need for many taxpayers to itemize.
Please read the full analysis at: https://planning.org/blog/blogpost/9137618/