How a smaller tax break affects housing
The House voted Thursday to roll back part of the 2017 Tax Cuts and Jobs Act. The new bill would temporarily lift the $10,000 cap on the amount of state and local taxes Americans can deduct from their federal returns.
The repeal’s chances in the Republican-controlled Senate are slim to none, but the debate raises a question about the effect the law has had on one corner of the economy — real estate. Realtors say the high end of the market in high-tax states has slowed down as a result.
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