Client Alert: Tax Reform Bill
Articles by: Richey May, Nov 28, 2017
November 28th, 2017
Senate Vote Possible on Thursday This Week
The MBA has been closely monitoring the proposed major Tax Reform legislation and changes being made by the Senate as they prepare to debate and vote on their version of the bill. The Mortgage Action Alliance (MAA) has issued a call to action to its members to reach out to their senators in response to a provision added to the proposed tax reform with adverse income tax consequences to the mortgage industry, especially as it relates to originated mortgage servicing rights (OMSRs). These provisions may also accelerate other GAAP income into taxable income that is deferred under current tax law if these provisions are included in any final legislation.
Read more about the provision and its impact in the MBA’s Call to Action.
The partners at Richey May fully support the MBA’s Call to Action issued by the MAA and wish to encourage you to voice your concerns about the adverse impacts of this provision. Please contact your senators (information provided below) and express your opposition immediately. The bill could be voted on as early as, Thursday, November 30, 2017. Please feel free to contact your Richey May engagement team if you have any questions.
Options to Contact Your Elected Officials