Provisions in the 2003 tax bill — which lowered income tax rates, increased small business expensing to get more people back in the workforce, provided bonus depreciation for business investments, phased out the costly estate tax, reduced capital gains and dividend rates and boosted the child care credit — are all due to expire in coming years.
“I remain positive that you will be successful in permanently extending the current tax provisions that have helped strengthen the economy while adding new legislation your Administration is supporting, such as the homeownership tax credit, to enhance housing affordability,” he said.
In a private session with the President before the start of the roundtable discussion, Landers told President Bush that the Home Builders & Remodelers Association of New Hampshire (HBRANH) and NAHB supported his tax policy and are working with the White House to help extend current tax relief and enact the homeownership tax credit.
“In New Hampshire, economic and housing activity are on the rise. And the same is true throughout the rest of the nation. Allowing current tax relief to expire will put a drag on housing and the economy,” said Landers.
The homeownership tax credit, legislation that is pending in both chambers of Congress, would help to bridge the gap between the cost of developing affordable housing and the price that buyers with modest incomes can afford to pay for a home.
If enacted, the legislation is expected to result in the construction of 50,000 homes annually in economically distressed areas across the country.
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