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Latest News: Legislative Updates

Ambitious Tax Reform on Deck for 2014

Wednesday, March 12, 2014   (0 Comments)
Posted by: Larry Innis
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Tax reform will be hotly contested in Washington this year, as groups campaign to retain valuable tax breaks for their clients and respective industries. Partisan divide over the goals of tax reform may be even more controversial in 2014, with Democrats seeking to raise revenues and Republicans advocating for a revenue-neutral reform bill.

MRAA remains concerned that 2014 tax reform will include elimination of (or a significant reduction in) the second-home mortgage interest deduction that’s often used to validate the cost of boats purchased by many middle class Americans.

Tax-writing Congressional leaders Rep. Dave Camp (R- Michigan) of the House Ways and Means Committee and Sen. Max Baucus (D-Montana) of the Senate Finance Committee worked on a major tax reform bill last year that closed several loopholes and deductions — including consideration of the second home mortgage deduction. But Congressional gridlock prevented the bill from being presented for a vote.

Rep. Camp is pushing forward in 2014 to complete the tax reform. He does not support the budget-busting tax extender bill, and both Rep. Paul Ryan (R-Wisconsin) and Sen. Patty Murray (D-Washington) omitted reauthorization of tax extenders from their two-year budget bill passed in December 2013.

MRAA is monitoring the issue of tax reform closely and will provide updates as new information becomes available throughout the year.