Today is Tax Day and the U.S. House of Representatives is addressing important tax measures this week that directly impact families across the country. Idaho Congressman Mike Simpson is supporting The ‘Death Tax Repeal Act of 2015’ (H.R. 1105), State and Local Sales Tax Deduction Fairness Act of 2015 (H.R. 622), Preserving Access to Manufactured Housing Act (H.R. 650), and the Mortgage Choice Act (H.R. 685).
“Our current tax code hampers economic growth. If we truly want to get our budget deficit under control, we need to get our economy going again and that means addressing our tax system,” said Simpson. “Congress needs to continue to work towards comprehensive tax reform, and this week the House is moving legislation that begins to show the enormous benefit that a modern and updated tax code can have on our economy.”
The following legislation is before the U.S. House of Representatives this week:
The Death Tax Repeal Act of 2015, H.R. 1105 – The estate tax is devastating to family businesses and farms and it is simply unfair. Families spend too much time and money planning for the estate tax rather than focusing on growing their business. If this legislation is signed into law, the estate tax and the generation skipping transfer tax would be repealed. Will be considered 4/16/2015
State and Local Sales Tax Deduction Fairness Act of 2015, H.R. 622 - Currently an individual may claim an itemized deduction for income and property taxes paid to State and local governments. This legislation would make these itemized deductions permanent. Will be considered 4/16/2015
Preserving Access to Manufactured House Act, H.R. 650 – The Dodd-Frank Act regulatory burden affects consumer’s access to affordable credit. This legislation would modify that Dodd-Frank Act to ensure that consumers can continue to have access to affordable manufactured housing by altering the definition of a ‘high-cost mortgage.’ Passed 4/14/2015 by a vote of 263 – 162.
The Mortgage Choice Act, H.R. 685 – This legislation would provide clarity to the calculation of points and fees in mortgage transactions, allowing more loans to be classified and Qualified Mortgages and increasing options for borrowers. Passed 4/14/2015 by a vote of 286 – 140.