Housing Industry Stands Ready to Protect Mortgage Interest Deduction
Housing Industry Stands Ready to Protect MID
The National Association of Home Builders is
the latest housing group to announce it plans to fight Congress to
preserve mortgage interest deduction, which is expected to become a
target of Congress as it looks to control mounting deficits. The
National Association of REALTORS® and Mortgage Bankers Association have
also been lobbying to protect MID.
"There are a couple of sacred cows in the
tax code, and the mortgage interest deduction is one of those.
Politicians take it on at their own risk," warns J. P. Delmore, the
senior federal legislative director for the National Association of Home
Builders.
At its recent International Builders Show
last week, NAHB outlined a strategy on how it plans to lobby on behalf
of mortgage interest deduction, including plans for aggressive media
coverage and an emphasis on how removing MID will cause home prices to
fall by possibly 15 percent. NAHB also recently launched a Web site, Savemymortgageinterestdeduction.com, to rally public support.
Experts predict tax legislation to advance
in Congress either this year or next year. One idea being proposed in
some circles is to replace the interest deduction with a 12 percent tax
credit.
For the latest news and to learn more about NAR’s efforts on MID, visit REALTOR.org.
Source: “Housing Industry Readies Mortgage Tax Break Fight,” MarketWatch (Jan. 14, 2011)
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