Regulations

Real estate deductions on the chopping block?

Lawmakers weigh tax reforms that are more far-reaching than expected

Media attention has been focused on Congress’ partisan food fight over shutting down the government and defunding Obamacare. But outside the spotlight last week something potentially more important for real estate was taking shape on Capitol Hill: a tax reform outline being put together by the Republican chairman of the House Ways and Means Committee that could bring more far-reaching changes than most observers had expected. Though Democrats on Ways and Means were shut out of meetings -- as were most congressional staff members in order to keep the lid on the details -- some hints of where committee Chairman Dave Camp, R-Mich., is taking his tax code overhaul plan managed to seep out. These could change as the politics of the legislative effort morph over the coming several weeks, but here are a few items mentioned by sources with at least limited access to participants in the process. Camp and the Republican majority on Ways and Means may attach a tax reform timetable and...