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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.

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International Crumbling Concrete Symposium Federal Update

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  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

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