The National Association of Home Builders is telling Congress it needs to maintain tax incentives that bolster the industry and the middle class.
"Home building is an industry dominated by small businesses, so the idea of simplifying the complicated tax rules related to business has great appeal. At the same time, our industry remembers painful lessons from the 1986 Tax Reform Act, when the commercial and multifamily sectors experienced a downturn due to unintended consequences," said Robert Dietz, an economist and assistant vice president for NAHB, in testimony during a recent House Ways and Means Committee hearing on tax reform and residential real estate.
A healthy housing market spurs jobs and economic growth, he added.
"For these reasons, we urge Congress to be cautious and thoughtful when it comes to housing and tax reform,” Dietz said.