Hoeven Outlines Benefits of Tax Relief, Discusses Housing Industry Priorities with North Dakota Builders
Association Presents Senator with “Defender of Housing” Award
BISMARCK, N.D. – In a meeting with the North Dakota Association of Builders, Senator John Hoeven, a member of the Senate Transportation, Housing and Urban Development (THUD) Appropriations Committee, today outlined how the tax relief legislation Congress passed in December benefits individuals and businesses and will help grow the economy.
The senator also highlighted his work to provide regulatory relief and reform to spur investment and provide flexibility to businesses, as well as his work to help secure affordable flood insurance and support investment in housing. In addition, Hoeven was presented with the National Association of Home Builders’ Defender of Housing award for his work to advance housing priorities.
“Our communities need quality, affordable housing to continue to support our growing economy and population,” said Hoeven. “We provided tax relief that lowers rates for individuals, families and businesses. At the same time, it expands expensing for businesses like homebuilders so they can grow and make investments, while preserving important deductions like property tax and mortgage interest to help individuals buy homes. We’re also working to improve the regulatory and permitting process to provide certainty and flexibility so that we can build infrastructure timely and efficiently.”
The tax relief legislation makes the American tax system more competitive and lays the groundwork for economic growth in many ways including:
- Lowering rates across-the-board for hard-working Americans and families and providing significant relief for North Dakota small businesses.
- Allowing businesses to fully expense or write off the cost of new investments for the next five years.
- Continuing tax deductions for home mortgage interest and property taxes to encourage individuals to purchase homes, and maintaining interest deductibility and the property tax deduction for small businesses.
Regulatory Relief and Reform
Senator Hoeven is committed to providing regulatory relief and reform which, combined with tax relief, will empower economic growth. Hoeven is a cosponsor of S. 584, the Small Business Regulatory Flexibility Improvements Act, which would improve regulatory flexibility for small businesses.
Hoeven is working to secure comprehensive flood protection for communities across the state, including the Red River Valley and Minot area. Last year, the senator hosted FEMA Administrator Brock Long in Minot and pressed him to help keep flood insurance rates affordable for North Dakota’s residents by ensuring the agency’s flood maps are updated to reflect flood protection as it is built. This is especially important in places like Minot and the Red River Valley, where protections will be built over several years.
Support for Housing Investments
Hoeven continues to work to provide states and communities with resources to develop communities and secure safe, affordable housing. As a member of the Senate THUD Appropriations Committee, Hoeven pressed Housing Secretary Ben Carson to support North Dakota housing priorities, including the Community Development Block Grant program which provides the state with flexibility in meeting local needs.
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