MBA Provides Tax Reform Legislation Summary Guide

The Mortgage Bankers Association has created a summary that compares Senate and House versions of tax reform legislation currently wending through Congress.

The bills, collectively known as the Tax Cut and Jobs Act, have the overall purpose of reforming tax codes; however, the House and Senate versions take different paths toward such reform.

For example, the House version would reduce by half the cap married homeowners could claim under the mortgage interest deduction, to $500,000; the Senate version retains the MID in its current format $1 million. Similarly, the House version caps the amount of property taxes homeowners can claim at $10,000; the Senate version does not change the cap.

The Tax Reform Summary document compares the Senate and House versions in a handy side-by-side, point-by-point way. It was created by the MBA Policy staff.