July 15, 2021
Ways & Means subpanel holds housing hearing
During the July 14 House Ways & Means Oversight Subcommittee hearing on "Expanding Housing Access to all Americans," witnesses called for the mortgage interest deduction to be converted to a credit and for changes to Opportunity Zones. Democratic members continued to call for relief from the $10,000 TCJA state and local tax deduction cap.
In an opening statement, Chairman Bill Pascrell (D-NJ) said, "Since 2008, the U.S. has had a housing shortage and, with it, a drastic increase in home prices. The disruption of existing supply chains during the pandemic exacerbated these problems. The supply of homes fell a catastrophic 30%. The pandemic also wreaked havoc on renters. It is estimated that six million renters are behind on rent payments." Ranking Member Mike Kelly (R-PA) said the challenge in his district is not access to housing, but a waning economy. He said Opportunity Zones are helping to bring housing and jobs to the area, and he wants to strengthen OZs for the future.
Testimony is available here and additional information is available in the attached Tax Alert.
Ways & Means housing hearing