Legislation & Legislation Proposals
On April 15, more than 120 members of the U.S. House of Representatives signed onto a letter last week urging House Speaker John Boehner (R-OH) and Minority Leader Nancy Pelosi (D-CA) to reject proposals that would eliminate or diminish the tax-exempt status of municipal bonds.
To provide tax relief for major disaster areas declared in 2012 and 2013 and for other purposes.
The bill extends for two years the $250 above-the-line tax deduction for teachers and other school professionals for expenses paid or incurred for books, supplies (other than non-athletic supplies for courses of instruction in health or physical education), computer equipment (including related software and service), other equipment, and supplementary materials used by the educator in the classroom. A two year extension of this provision is estimated to cost $430 million over 10 years.
Description of the Chairman's mark of the "Expiring Provision Improvement Reform and Efficieny (EXPIRE) Act".
The Housing Finance Reform and Taxpayer Protection Act of 2013 (S. 1217), also known as Corker-Warner, would phase out Fannie Mae and Freddie Mac over five years and replace them with the Federal Mortgage Insurance Corporation (FMIC), which would sell federal guaranteed catastrophic reinsurance on mortgage-backed securities (MBSs), among other provisions.
The one million members of the National Association of REALTORS® oppose the “Protecting American Taxpayers and Homeowners Act” (PATH Act).
ABA Section of Taxation Letter to Senate Finance Committee, House Ways and Means Committee on Tax Reform in Real Estate
ABA Section of Taxation Letter to Senate Finance Committee, House Ways and Means Committee on Tax Reform in Real Estate, Daily Tax Report (BNA)