The federal spending package for 2020 that passed the House on Tuesday, includes several high priority items for REALTORS®
- A five year re-authorization of the National Flood Insurance Program including reforms to improve flood mapping, enhance mitigation, and remove obstacles to private flood insurance.
- Extension of three tax provisions:
- The exclusion of forgiven mortgage debt from gross income
- The deductibility of premiums for mortgage insurance
- The deduction of the cost of improvements to commercial buildings that make them energy efficient
- A seven year re-authorization of the Terrorism Risk Insurance Program
The spending package now goes to the Senate for approval and President Trump is expected to sign the bills by the end of the week. To read more, click here.