Homebuilders Slide After GOP Tax Plan Caps Mortgage-Interest Break
This article is for subscribers only.
The U.S. real estate industry reeled as the House Republican tax bill proposed capping the mortgage-interest deduction, a long-cherished incentive many Americans have had to buy a house.
The measure would limit the mortgage-interest deduction on newly purchased homes at $500,000 -- a departure from the current cap of $1 million for couples filing jointly, according to a memo written by the House Ways and Means Committee. The National Association of Realtors, which has been wary of the tax plan, said the memo “appears to confirm many of our biggest concerns.”