Opinion: A National Homeownership Month Scorecard

By SCOTT OLSON June is National Homeownership Month. So the Community Home Lenders of America (CHLA) has called on Congress to begin debate and ultimately enact a Mortgage Interest Credit (MIC) when it considers tax legislation next year to extend expiring provisions from the 2017 Tax Cut and Jobs Act (TCJA). The 2017 TCJA raised the standard deduction and capped state and local tax (SALT) deductions at $10,000. In turn, this significantly reduced the value of the mortgage interest deduction (MID). The Joint Committee on Taxation has estimated that the annual tax benefits of the MID are just $31.0 billion in 2024 – down from $63.6 billion in 2017 (and extrapolating, close to $100 billion in today’s dollars). If Congress…