The National Flood Insurance Program (NFIP) and six tax provisions that affected real estate were extended in the federal budget deal signed by President Donald Trump on Feb. 9, thanks to lobbying by the National Association of REALTORS®. Get the details.
Through the Bipartisan Budget Act of 2018, the NFIP was extended to March 23 so federal legislators could work on more details in the interim, the NAR reported. Three major tax provisions were extended through the 2017 tax year: mortgage debt forgiveness, the deduction for mortgage insurance premiums and the energy efficient commercial buildings deduction. Three “minor” tax provisions were extended for 2017: nonbusiness energy property credit, residential energy efficiency property credit and credit for energy-efficient new homes.
On Feb. 8, NAR President Elizabeth Mendenhall sent a letter of support to Sen. Mitch McConnell and Sen. Charles Schumer, informing them of the association’s support for the Bipartisan Budget Act of 2018.McConnell is the Republican leader and Schumer the Democratic leader in the Senate. See the letter.