WASHINGTON (4/19/13)--Rep. Dave Camp (R-Mich.), who chairs the House Ways and Means Committee, announced Thursday that his panel will conduct an April 25 hearing on federal tax provisions that affect residential real estate. Camp said the hearing is part of the committee's ongoing work on comprehensive tax reform.
Federal tax provisions that directly affect residential real estate and the housing sector include the mortgage interest deduction and a deduction for state and local real property taxes. However, a committee release noted that the provisions do not apply to all taxpayers equally.
Other housing-related tax provisions include the exclusion of gain on the sale of a principal residence, the low-income housing tax credit, and the temporary exclusion from income of cancellation of mortgage debt.
Camp said it is "important to do a top to bottom review" of the tax code as the country works toward a "simpler and fairer" set of rules.
"Homeownership is an integral part of the American Dream, and the tax code has long provided a variety of incentives to make it easier for families to buy and own a home. Before considering any proposal, the Committee must better understand how tax reform might affect the housing sector and this hearing is an opportunity to hear directly from both academic experts and industry stakeholders," Camp said.
The hearing is slated to begin at 9:30 a.m. (ET) in Room 1100 of the Longworth House Office Building.