Republicans in the U.S. House of Representatives and Senate have each released tax reform proposals with different implications for homeowners.
Under the newly-released Senate proposal, the mortgage interest deduction would be preserved for home purchases with up to $1 million of debt. Under the House bill, the deduction be reduced for new purchases to $500,000 of debt from the current $1 million. The bill would also limit the deduction to one principal home, ending the break for second homes, per Bloomberg.
Senate Republicans released their vision for a tax-cut plan Thursday that would cut the corporate tax rate to 20 percent, with a one-year delay to 2019, as Congress moves quickly to fulfill one of the GOP’s biggest and most long-awaited goals ... The Senate plan would have seven individual tax brackets and would eliminate state and local tax deductions.
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