Skip to main content

Bipartisan Tax Extenders Bill Introduced in Senate Filed in Capitol Hill on March 1, 2019

Interesting Read: 
http://nahbnow.com/2019/03/bipartisan-tax-extenders-bill-introduced-in-senate/
Bipartisan Tax Extenders Bill Introduced in Senate
Filed in Capitol Hill on March 1, 2019 • 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. Allows taxpayers, subject to an income cap beginning at $100,000, to deduct premiums paid for private mortgage insurance and FHA/RHA/VA insurance premiums. Section 45L Tax Credit for Energy Efficient New Homes. Provides builders a $2,000 tax credit for the construction of homes exceeding heating and cooling energy standards by 50%. The base energy code is the 2006 International Energy Conservation Code plus supplements. Builders must have tax basis in the home to claim the credit (i.e., they must own and then sell/lease the residence). Section 25C Tax Credit for Qualified Energy Efficiency Improvements. This policy offers a credit worth up to $500 (subject to a $500 lifetime cap), with lower caps for certain products, like windows, for consumers to install qualified energy-efficient upgrades. Section 179D Energy Efficient Commercial Buildings Deduction. Provides a deduction of up to $1.80 per square foot for commercial and multifamily buildings that exceed specific energy efficiency requirements under ASHRAE 2007. Mortgage Forgiveness Tax Relief. The provision eliminates any taxes home owners might face due to renegotiating the terms of a home loan, which result in forgiving or canceling a portion of the outstanding mortgage, particularly in connection with short sales. It applies only to principal residences and is extended until Jan. 1, 2020 The Section 25D tax credit, which offers a 30% tax credit for the installation of qualifying alternative energy equipment, remains in effect. However, the 25D credit is being gradually phased out and will expire starting in 2022. The legislation also provides temporary tax relief for victims of most major natural disasters that occurred after Jan. 1, 2018.
-click through link to read more
http://nahbnow.com/2019/03/bipartisan-tax-extenders-bill-introduced-in-senate/

Labels:

Comments

Post a Comment

Popular posts from this blog

Pending home sales roar back, suggesting a spring uptick for housing Published: Feb 27, 2019 10:42 a.m. ET

Great read, good news: click on link for more: https://www.marketwatch.com/story/pending-home-sales-roar-back-suggesting-a-spring-uptick-for-housing-2019-02-27    ‘The reopening of the government (was) very beneficial to the market,’ the Realtors say By ANDREA RIQUIER   Bloomberg News/Landov A sale pending sign stands in front of a home in Massachusetts. The numbers:  A measure of pending home-sales jumped 4.6% in January, the  National Association of Realtors said Wednesday . Sales were 2.3% lower than a year ago, making January the 13th straight month of year-over-year declines. What happened:  NAR’s pending home-sales index, which tracks home contract signings, registered at a reading of 103.2 in January after it touched a nearly five-year low in December. Most economists expected the January bounce. And the trade group itself said the reopening from the partial government shutdown brought an expected boost to early-year ...
Post a Comment
Read more

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for February 2018

GOOD READ https://www.census.gov/construction/nrc/pdf/newresconst.pdf FOR RELEASE AT 8:30 AM EDT, FRIDAY, MARCH 16, 2018 MONTHLY NEW RESIDENTIAL CONSTRUCTION, FEBRUARY 2018 Release Number: CB18-38 March 16, 2018 – The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for February 2018: NEW RESIDENTIAL CONSTRUCTION FEBRUARY 2018 Building Permits: 1,298,000 Housing Starts: 1,236,000 Housing Completions: 1,319,000 Next Release: April 17, 2018 Seasonally Adjusted Annual Rate Source:  U.S. Census Bureau, HUD, March 16, 2018 Building Permits Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,298,000. This is 5.7 percent (±0.7 percent) below the revised January rate of 1,377,000, but is 6.5 percent (±2.4 percent) above the February 2017 rate of 1,219,000. Single-family authorizations in February were at a rate of...
Read more

HOMES SOLD AT FASTEST PACE EVER IN 2017

great news, great read: http://www.builderonline.com/land/local-markets/homes-sold-at-fastest-pace-ever-in-2017_o Zillow: From listing to closing, it took 81 days on average. The fastest-selling market in 2017 was San Jose, Calif., where the typical home sold in 41 days. San Jose also experienced the biggest drop in inventory over the past year, with 26.8 percent fewer homes to choose from than a year earlier. Homes in  San Jose  sold fastest last year in October, with a span of just 39 days from listing to closing. Homes sold at their fastest pace on record in 2017–81 days from listing to closing–according to new research from Zillow out Tuesday. That was nine days faster than the year prior. The quickest selling month for the typical home was June 2017, when it took about 73 days for a home to sell, including closing. Since it can take between four and six weeks to close a home sale, that means that the typical home was on the market for around 30 days before goin...
Post a Comment
Read more