Senate Majority Leader Chuck Schumer recently released broad details of a proposed $3.4 trillion spending bill. The budget includes a significant emphasis on housing and a possible revision of the SALT tax, with $332 billion allocated for the Banking Committee, including investments in public housing, the Housing Trust Fund, housing affordability, and equity and community land trusts.
Notable inclusions:
– Extensions of household tax credits, including the enhanced child tax credit launched during the pandemic
– Consumer rebates to encourage clean energy and weatherization in homes
– A potential partial expansion of the state and local income tax (SALT) deduction, capped at $10,000 during the tax overhaul of 2017
According to the nonpartisan Joint Committee on Taxation, an expansion or lift of the SALT cap would likely benefit households making $1 million or more per year.
Democrats hope to pass the $3.5 trillion spending proposal through reconciliation, which would allow passage through a simple majority vote rather than the standard 60-vote process. The proposal states the bill would not raise the federal debt ceiling.
This is a developing story. Stay tuned to RISMedia for more updates.
Liz Dominguez is RISMedia’s senior online editor at RISMedia. Email her your real estate news ideas to lizd@rismedia.com.
