Senate passes housing relief tax bill

The Senate has passed a new version of a housing relief bill with a $14.5 billion tax title; however, the legislation is $2.4 billion short of revenue neutrality. House leaders have indicated they would like to balance the bill’s cost, which could be accomplished through a delay in the implementation of new worldwide interest allocation rules, and send a finished bill to the president before the August recess.

For a summary of the tax incentives aimed at both businesses and individuals, as well as several notable offsets, read the Tax Legislative Update from our National Tax Office.