Trump, tax deduction and beautiful bill
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The bill, ushered through Congress by Republican leadership and signed by Trump Friday, includes $4.5 trillion in tax cuts, slashes spending on Medicaid, and creates temporary tax deductions for overtime and tipped income. It includes $170 billion for immigrant detention and for new personnel for Immigration and Customs Enforcement.
The "One Big Beautiful Bill" is full of wins for homeowners and builders. But its effects on lenders and borrowers is more unclear.
Reinstated mortgage insurance premium deductibility and a higher cap on state and local tax deductions could change whether homeowners claim these tax breaks.
Louisiana homeowners can now get a $10,000 tax credit if they install a fortified roof on their home. Lawmakers passed, and Gov. Jeff Landry signed Act 404, which created the individual income tax credit.