Senate tax writers are planning on keeping the mortgage interest deduction limit at $1 million, unlike the House legislation released last week that set a cap of $500,000 for new home sales, according to a person familiar with the emerging Senate bill.
The Senate Finance Committee is still on track to introduce something shortly after its counterpart panel in the House—the Ways and Means Committee—finishes work on its version of the legislation later this week. The Senate bill is also likely to include measures to drop the corporate rate to 20 percent and give relief to more pass-through businesses.
The Senate bill will have key differences with the House, but a top goal is keeping the House bill’s new corporate tax rate of 20 percent, Senate Finance Chairman Orrin Hatch, a Utah Republican, said in an interview.
Read more in Bloomberg.