Senate Debates Extending Three Housing Tax Credits

The U.S. Senate Committee on Finance met this week to consider amendments to a bill to extend certain expired tax provisions, including three extensions related to the housing industry. The first provision ensures that any mortgage debt that is forgiven by a lender will continue to be excluded from personal income.  The second provision asks for an extension of the tax deduction for mortgage insurance premiums paid by homeowners.  The third provision seeks to maintain the minimum credit rate for affordable housing projects financed with the Low Income Housing Tax Credit to ensure continued production of affordable housing.

You can read the full description of the proposed amendments at: http://www.housingwire.com/ext/resources/images/editorial/BS_ticker/PDF/July-2015/JCX-103-15-Chairmans-Modification.pdf