A Monetti Custom Home built in Brielle, New Jersey.
The fiscal cliff has temporarily been avoided, and for home builders the deal means a positive outlook for 2013 and beyond. H.R. 8, the American Taxpayer Relief Act of 2012, has been enacted and permanently extends most of the 2001/2003 tax cuts. This will prevent a fiscal “drag” of about $600 billion this year which would have substantially dragged down the housing recovery and home building market.
The deal enacted a combination of business, home owner and multifamily tax items that will help home builders going forward. For example, it extends energy efficiency tax credits (25C and 45L), reinstates Pease/PEP phase outs for deductions, extends the 9% low income housing tax credit and several more items. Read More
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