MBA Statement on House GOP Tax Proposal
|Rob Van Raaphorst|
|(202) 557- 2799|
WASHINGTON, D.C. (November 2, 2017) - David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA), made the following statement regarding the House Republicans tax plan:
"MBA strongly supports the goal of enacting tax reform that spurs jobs and economic growth, and the introduction of this bill is an important milestone on that road. However, we have serious concerns about how the provisions introduced today will impact the housing markets in this country. In particular, we believe that the proposed changes to the mortgage interest deduction, deductibility of state and local real estate taxes and the exemption for capital gains treatment when families sell their principal residence would have a negative impact on the housing market and potentially the national economy as a whole. We are also concerned about the potential impact of certain provisions on the production of affordable housing, which is vital.
"On the positive side, we appreciate the bill retaining the deductibility of business interest for real estate, section 1031 like-kind exchanges for real property, and the low income housing tax credit that are important to maintaining strong housing and real estate markets.
"We recognize this is the opening bid in the discussion on tax reform and we look forward to continuing to work with policymakers to find the right balance that both reduces the tax burden on American families and spurs economic growth, without posing unnecessary risk to the housing and real estate markets."