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11-24-21 | News

NAHB Opposes Build Back Better Act

Amid House Approval NAHB Released Statement

NAHB recently released a statement opposing the House approval of the Build Back Better Act due to legislation that is detrimental to the housing industry.

The National Association of Home Builders (NAHB) recently released a statement after the House approval of the Build Back Better Act stating their stance against the narrowly approved legislation.

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In a letter to House leaders before the vote, NAHB stated that, "while this bill represents a historic investment in our nation's housing, NAHB is concerned the tax increases, new building, and energy code requirements and increased fines and penalties for OSHA violations would be detrimental to the housing industry during a critical phase in our nation's economic recovery."

NAHB states what could be good and bad for housing. In particular, the housing industry would receive $150 billion in new funding which would support more affordable housing across the nation. For example, NAHB states that the legislation would establish a first-time, first-generation down payment program, provide $10 billion to the Home Investment Partnerships (HOME) program, invest in career and technical education, including programs such as Jobs Corps and YouthBuild, and increase funding for Low-Income Housing Tax Credit (LIHTC) are some of the beneficial points of the bill. Meanwhile, NAHB is against the fact that the legislation expands Net Investment Income Tax to include invested income from an active trade or business, requires the use of Energy Star for new construction to qualify for the 45L tax credit, and the requirement for use of the "latest published editions of relevant performance-based building codes."

If the Senate moves to alter the legislation, the association will advocate for housing industry beneficial changes.

https://nahbnow.com/2021/11/house-approves-build-back-better-act-nahb-opposes-bill/

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