MBA Sends Letter Outlining Support Ahead of House Ways and Means Budget Reconciliation Markup

The Mortgage Bankers Association sent a letter to House Ways and Means Committee leadership ahead of the House budget reconciliation markup May 13. The association noted the amendment from Chairman Jason Smith (R-Mo.) represents an important step toward the goal of enacting tax legislation that spurs jobs and economic growth and community investment.

“The bill will help both homeowners and renters alike by preserving the tax rate structure of the 2017 Tax Cuts and Jobs Act (“TCJA”) and temporarily extending the increased standard deduction imposed by the TCJA,” wrote MBA Senior Vice President for Legislative and Political Affairs Bill Killmer.

Other elements of the bill that MBA expressed support for include:

• Preserving the tax rate structure of the 2017 TCJA tax law (including retaining mortgage interest deduction and gain on sale provisions).
• Preserving 1031 LKEs.
• Improvements to LIHTC program and a new “round” of Opportunity Zones through 2033.
• Expanded deduction from 20% to 23% for Qualified Business Income under Section 199A.

Killmer also included examples of where certain provisions could be improved, but noted, “We stand ready to work with you on further improvements as this legislation progresses to ensure that Americans, whether they rent or own, continue to have access to affordable and sustainable housing.”

Click here to read the full letter