House GOP tax plan to allow property tax deduction
House Republican leaders have changed their tax plan to allow property owners to deduct local property taxes, The Washington Post reported.
A previous version of the plan would have eliminated all federal deductions for state and local tax payments. The proposal was strongly opposed by a bloc of Republicans from high-tax states, but it was also unclear whether farmers, ranchers and rural landowners would have been able to deduct property taxes.
Heritage Action said on Oct. 30 that it still supported ending the deduction for real estate taxes.
Congress wants to reduce the corporate tax rate and is under pressure to find other sources of revenue to replace some of the taxes corporations pay.
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The House Agriculture Committee on Thursday passed five bills including the Cattle Contract Library Act of 2021.