Highway Bill Contains Backdoor Tax On Home Buyers

CMLA Advocacy, Legislation

CMLA is asking members to call their U.S. Senators immediately to protest a backdoor tax on home buyers that has been slipped into the Highway Bill (S. 1813) that is due to be considered by the Senate in the next few days. The Highway Bill is the legislation that authorizes all federal road and highway construction, including both the taxes to support the spending as well as the spending itself. CMLA has learned that the Highway Bill contains a provision that extends for an additional 4 years the current 10 bps guaranty fee tax on all Fannie Mae and Freddie Mac mortgages currently paid to the Federal government. The guaranty fee tax is currently scheduled to expire in 2021. The Highway Bill provision would extend the guaranty fee tax until 2025.

Please call both of your state’s U.S. Senators today and urge them to vote against this additional tax on home buyers. As you are well aware home buyers, particularly first time buyers, have a difficult enough time qualifying for a mortgage, without paying additional taxes and fees that will be used for other purposes.

CMLAHighway Bill Contains Backdoor Tax On Home Buyers