Think Tank Says Tax Credits Can Spur New Real Estate Boom

Law360, New York (January 7, 2014, 4:05 PM EST) -- To jump-start the national real estate market, Congress should institute a first-time homebuyer tax credit, a refundable tax credit for property taxes paid and an annual flat tax credit for homeowners, the Tax Policy Center said in a recent report.

The three policies would be funded primarily by completely ditching the current property tax deduction and by capping the current home mortgage interest deduction at 15 percent, according to the Dec. 23 report by TPC researchers Benjamin H. Harris and C. Eugene Steuerle.

“Support for home...
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