HARTFORD, Conn. (WTNH)–Many homeowners in northeast Connecticut are keeping a close watch on what happens with the GOP tax reform bill. If it passes, thousands with crumbling foundations will lose out on the write-offs they were expecting.
The bill would take the federal tax write-off away for those who would need to replace their foundation in the future. It is important to note that this should not impact anyone who has already replaced their crumbling basement walls. Those homeowners can still file for the tax break in this year’s filing.
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Congressman Joe Courtney says he’s seeking more detailed answers from the National Taxpayer Advocate. Senators Richard Blumenthal and Chris Murphy have put forward an amendment that would keep casualty loss deductions in place.
Senator Murphy acknowledges that it is unlikely that the Republican-controlled Senate will go along with the amendment.
“I don’t expect that any Republicans will support it. They are likely going to vote against every single Democratic amendment, and that’s bad news for homeowners in Connecticut with crumbling foundations,” Murphy said.
News 8 is continuing to monitor the procedures on the Senate floor, as the vote could come as soon as Friday night.