Tag: tax reform
Tax Reform and Net Operating Losses
For businesses, the deduction for net operating losses is now limited to 80% of taxable income (which is determined without regard to the new 20% pass-thru deduction). In other words, business owners may no longer use NOLs to reduce tax liability to zero.
Treasury, IRS to Release Regulations on SALT Workarounds
The Department of Treasury and Internal Revenue Service (IRS) have released Notice 2018-54, which announces their intention to propose regulations addressing state legislative proposals that create a workaround for the newly imposed limits to the state and local tax deduction. In plain language, the IRS is warning taxpayers that just because the state law permits them, it does not make the workaround deductible under federal tax law.
‘Qualified Business Income’ and You
One of the truly new aspects of the tax code signed into law by President Trump is the 20% deduction available to “pass-through” businesses (i.e. LLPs, LLCs, and S-corps). It was a centerpiece of the tax bill, and one which most small business owners have heard about. Nevertheless, it warrants a lot of explanation because it is a lot more complex than it sounds.
March 5 Webinar Helps Members Understand Impact of Tax Reform on Their Bottom Lines
NAHB is hosting a members-only webinar on March 5 to help you understand how recent changes in the tax code could impact your business.
NAHB Advocacy: Money in Your Pocket
NAHB economists have put a dollar value on selected member benefits and advocacy victories achieved in 2017. Add it up, and you get an average of $7,500 per housing start for a typical home builder.
Tax Reform and HELOCs: What Now?
As the dust settles on last month’s tax reform debate, remodelers and their clients may see conflicting information about home equity credit lines (HELOCs) and second mortgages – traditionally, important funding sources for major home renovation work. Here’s a little clarity.
Trump Signs Tax Bill into Law
President Trump today signed into law landmark tax reform legislation. “Providing tax relief for hard-working families and creating a more favorable tax climate for small business will make the economy more vibrant and competitive,” said NAHB Chairman Granger MacDonald. “In turn, this will boost the housing sector, which represents roughly one-sixth of the U.S. economy. Housing not only equals jobs, but jobs mean more demand for housing.”
Congress Approves Tax Reform Legislation, Bill Now Awaits President’s Signature
The Senate shortly before 1 a.m. this morning approved landmark tax reform legislation, the Tax Cuts and Jobs Act. The House passed the bill yesterday but had to revote today because technical changes were made to the Senate bill. The House approved the amended bill several hours later, and President Trump is expected to sign the measure into law in the near future.
House Passes Tax Reform Measure
On a 227-203 vote, the House of Representatives today approved the Tax Cuts and Jobs Act, sending the legislation to the Senate for approval. NAHB was at the forefront of the tax reform debate, earning earned clear victories on the real estate exception to the business interest deduction, second homes, private activity bonds, the capital gains exclusion and many other provisions.
NAHB Supports Final Tax Bill
House and Senate conferees have produced a final conference report on the Tax Cuts and Jobs Act, tax reform legislation that will be voted on by each chamber next week. NAHB fully supports this final tax bill and believes it will help middle-class families, maintain the nation’s commitment to affordable housing and ensure that small businesses are treated fairly relative to large corporations. Lower tax rates and a fair tax code will spur economic growth and increase competitiveness, and that is good for housing.
