NAHB NEWS NAHB Commends Trump Infrastructure Plan T he National Association of Home Builders (NAHB) today commended President Trump’s $1.5 trillion infrastructure plan to rebuild and revitalize the nation’s aging transportation network. “This package includes a number of provisions that are designed to spur economic and job growth that will also boost the housing sector,” said NAHB Chairman Randy Noel, a custom home builder from LaPlace, La. “Specifically, it will streamline the regulatory and permitting process to get new projects off the ground, place an emphasis on vocational training and delegate authority back to state and local governments.” The plan expedites environmental reviews by giving the Army Corps of Engineers primary authority to make jurisdictional determinations under the Clean Water Act (CWA) and removing the Environmental Protection Agency’s authority to veto a CWA Section 404 permit. Improvements to the CWA Section 404 permit program are particularly important to home builders who rely on them to authorize impacts to wetlands and streams as a result of residential developments, utility lines and linear transportation projects, among other activities. The proposal also contains a number of initiatives to help to alleviate the severe labor shortage in the residential construction industry. It would expand Pell Grants and alter the Carl D. Perkins Career and Technical Education program to increase funding to high schools “to promote strategies such as apprenticeship, work-based learning and dual-enrollment.” “A robust transportation system that enables people to live near where they work will benefit housing and the economy,” said Noel. “We urge Congress to support the president’s infrastructure initiative.” Read More HELOCS Deductible for Capital Improvements, IRS Says I n a victory for NAHB remodelers, the IRS today issued a letter clarifying changes to home equity loans and lines of credit to confirm that households may take a tax deduction when these loans are used for home improvements. The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan, the letter said. “This is a major victory for remodelers and for home owners who want to invest in their homes,” said NAHB chairman Randy Noel. “NAHB has been pushing hard for this outcome since December, when act was signed into law. We will continue to work with Congress and the administration as they hammer out the details of the new tax law.” Read More 22 HBRA of Fairfield County | FEBRUARY 2018 Statement from NAHB Chairman Randy Noel on IRS Announcement Clarifying Tax Deduction for HELOCs R andy Noel, chairman of the National Association of Home Builders (NAHB) and a custom home builder from LaPlace, La., issued the following statement regarding today’s IRS announcement clarifying tax deductions taken on home equity loans or home equity lines of credit : The National Association of Home Builders applauds today’s announcement by the IRS clarifying that households can take a tax deduction on a home equity loan or home equity line of credit if the loan is used for home improvements. This is a major victory for remodelers and for home owners who want to invest in their homes. NAHB has been pushing hard for this outcome since December, when The Tax Cuts and Jobs Act of 2017 was signed into law. We will continue to work with Congress and the Administration as they hammer out the details of the new tax law. Read More
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