Eye On Housing
In 2005, Congress established several energy-efficiency tax incentives related to housing that benefit new-home buyers and remodeling homeowners. These policies included the tax code section 25C credit for retrofitting/remodeling existing homes, and the 25D credit for the installation of power production property in new and existing homes. Taxpayers claim these residential energy credits using Form 5695. Including carryforwards from 2019,… Read More ›
Each year, the IRS releases tax return statistics for returns filed for the prior tax year. Data is released throughout the year as more returns are processed and represent tax return information that has been gathered through late-May, mid-July, and mid-November. Although these numbers are not as thorough as the Statistics on Income tables, unlike those tables, filing season data… Read More ›
One of the new aspects of the tax code is the 20% pass-thru deduction, also known as the 199A deduction. It is a centerpiece of the tax bill, and one which most small business owners have heard about. Nevertheless, it warrants detailed explanation because, unsurprisingly, it is more complex than it at first sounds. This post covers the basics and… Read More ›
Specialty contractors structured as partnerships generated aggregate net income of $4.5 billion in 2014, according to the most recent IRS data available.[1] These data are broken out by industry and income tax deductions, allowing us to compare the use of tax deductions by partnerships across a wide array of sectors. Analyzing the size of depreciation and business interest deductions taken… Read More ›
The 2015 American Community Survey data shows that New Jersey still leads the nation with the highest average annual real estate tax (RET) bill of $8,180—$7,528 more than RETs paid by Alabama’s homeowners. The overall distribution remained roughly unchanged since 2014, as the composition of the top and bottom ten remained the same. The map below clearly illustrates that the highest property… Read More ›
NAHB analysis of the Census Bureau’s quarterly tax data shows that $524 billion in taxes were paid by property owners over the four quarters ending in Q1 2016. This represents a $22 billion—or 4.4%—increase over the previous trailing four quarters, the largest percentage increase since 2009. Property taxes accounted for 39.3% of state and local tax receipts, the largest share… Read More ›
NAHB analysis of the Census Bureau’s quarterly tax data shows that $519 billion in taxes were paid by property owners over the four quarters ending in Q3 2015. This represents a $19 billion—or 3.9%—increase over the previous trailing four quarters, the largest annual increase since early 2010. Property taxes accounted for 39.1% the largest share, of state and local tax… Read More ›
As Congress looks to wrap up its work for 2015, a bipartisan agreement was reached on two key pieces of legislation: an omnibus spending bill to fund the federal government and a more than $600 billion bipartisan tax bill that extends a number of tax policies, including some related to housing, construction and real estate. Some extensions are made on a permanent basis, and… Read More ›
The Low-Income Housing Tax Credit (LIHTC) plays a critical role in the housing market by ensuring a supply of affordable rental housing. Created as part of the 1986 tax reform effort, the LIHTC, also known as the affordable housing credit, has been responsible for financing the development of more than 2.7 million rental homes. The housing credit has been and… Read More ›
According to NAHB analysis of Census Bureau’s quarterly data, property taxes made up 38.9% of state and local tax receipts among major sources over the last four quarters. Property tax collections, including commercial real property taxes and personal property taxes, totaled more than $503 billion over the last year. This represents an increase of almost $13 billion, as measured on a four-quarter trailing basis, or… Read More ›