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Senate Tax Reform

Issue to the Title Industry

The Senate Finance Committee has started the process of reforming our country's tax code. The leaders of the Finance Committee, Max Baucus (D-MT) and Orrin Hatch (R-UT), have asked Senators to submit a list of which tax deductions and credits they want included in a tax reform plan.

Impact to the Industry

At risk are important tax deductions and credits that support homeownership and investment in commercial real estate which are a source of wealth for middle class families and small businesses.

ALTA Position

The following are the tax provisions that ALTA has identified as critical for Senators to include in a new tax code:
  • Mortgage Interest Deduction and Real Property Tax Deduction
    These deductions make homeownership more affordable.

  • Exclusion of Capital Gains Tax on the Sale of Principal Residence
    One quarter of Americans' wealth is in their home equity. An individual's ability to have taxes excluded on up to $250,000 of the gain realized on the sale or exchange of their home makes mobility easier and more affordable.

  • Deferral of Capital Gains Tax on Like-Kind Exchanges
    Allowing investors to defer the tax on capital gains when they sell and buy "like-kind" properties, or 1031 exchanges, encourages more activity and investment, which is good for economic growth and job creation.

  • Depreciation of Real Estate
    It makes sense to have depreciation periods for commercial and residential real estate match its useful life.


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American Land Title Association
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