MBA Statement on the Passage of the House Reconciliation Bill

MBA President and CEO Bob Broeksmit, CMB, released the following statement on the passage of the Republican-led tax and spending package in the U.S. House of Representatives:

“MBA is pleased that this bill includes numerous tax provisions that will help to increase real estate investment in communities and improve the financial outcomes of homeowners, renters, and our members’ businesses.

“We have worked diligently with Congressional leadership and committee members to preserve key elements of the 2017 Tax Cuts and Jobs Act. This includes the deduction for qualified residence interest, the up to $500,000 homeowner exclusion on the gain on the sale of a principal residence, Section 1031 like-kind exchanges, and the continued deductibility of business interest for real estate.

“We also support the bill’s expanded deduction for Qualified Business Income under a permanent Section 199A, needed improvements to the Low-Income Housing Tax Credit (LIHTC) program, and a new round of Opportunity Zones.

“MBA looks forward to engaging with the Senate on possible improvements to this House-passed reconciliation baseline as changes are considered and crafted. We will continue to advocate for our industry’s tax priorities throughout the debate this summer.”