House Tax Writer Gives Ground on a State and Local Tax Break
- Brady says he’ll allow deduction for property taxes in bill
- Flare-up shows difficult path forward for tax overhaul plan
Contractors secure a wall section on a home under construction at the Toll Brothers Inc. Cantera at Gale Ranch housing development in San Ramon, California, U.S., on Wednesday, Jan. 20, 2016. The U.S. Census Bureau reported a drop in new-home construction for December which probably reflects little more than a pause in a steady uptrend, as housing starts closed out the strongest year since 2007.
Photographer: David Paul Morris/BloombergBowing to concerns from Republican House members in high-tax states, the chamber’s chief tax writer said he’ll preserve a federal income-tax break for property taxes.
“At the urging of lawmakers, we are restoring an itemized property tax deduction to help taxpayers with local tax burdens,” House Ways and Means Chairman Kevin Brady said in a statement Saturday afternoon.