1 / 7

International Crumbling Concrete Symposium Federal Update

International Crumbling Concrete Symposium Federal Update. Crumbling Foundations Research. Crumbling Foundations Research. Pending Research. House bill: $4 million Senate bill: $1.5 million.

oprah
Download Presentation

International Crumbling Concrete Symposium Federal Update

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. International Crumbling Concrete SymposiumFederal Update

  2. Crumbling Foundations Research

  3. Crumbling Foundations Research

  4. Pending Research • House bill: $4 million • Senate bill: $1.5 million • Directs NIST to establish standards for pyrrhotite in concrete aggregate, requiring NIST to research the best testing methods for pyrrhotite detection and to develop a pyrrhotite risk rating scale • Requires NIST to work with leading academic institutions to expedite the research process, including for obtaining core samples for pyrrhotite research

  5. Mortgage Debt Forgiveness • Mortgage Forgiveness Tax Relief Act of 2019 (H.R. 1977) • Previous tax relief expired December 31, 2017 • Bill would exclude forgiven mortgage debt from federal income taxes, and extends the tax relief retroactively through 2018 & through the 2019 tax year • Helpful for homeowners who foreclose or have a short sale due to crumbling foundations • Current law: forgiven mortgage debt treated as gross income • Tax Extenders • Ways and Means Committee marked up legislation in June 2019 which includes mortgage debt provision • Ways and Means bill would retroactively extend mortgage debt forgiveness through the 2018 tax year, and forward through the end of 2020

  6. Tax Assistance: Casualty Loss Deduction • Rev. Proc. 2017-60 & Rev. Proc. 2018-14: safe harbor for crumbling foundations repairs due to pyrrhotite • Last Day to File Amended 2017 Tax Return: April 17, 2021 • Net operating loss: carry back (up to two years) or carry forward (up to 20 years) • Can offset 100% of the taxpayer’s taxable income in the carryback or carryover years • Interaction with CFSIC For more information visit Courtney.house.gov/issues/crumbling-foundations

  7. Stay Connected with Rep. Courtney courtney.house.gov 860-886-0139 @joecourtney @repjoecourtney @repjoecourtney

More Related