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Passive loss change nears.

The U.S. Senate Finance Committee has included a provision for passive loss in a bill that will be reported to the whole Senate this week.

Rental losses in this bill can be deducted against any real estate income while the House version provides losses can be deducted against all active business income, provision supported by the National Realty Committee.

Other provisions in the Senate version include a $2,5000 tax credit for the first time home buyers; an extension of the Low Income Mortgage Revenue Bonds for 18 u months - which the House version permanently extends - and certain taxable changes facilitating pension fund investments.

After the full Senate acts on the measure this week it will go to a conference committee after the two bills are reconciled, probably, after Labor Day.
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Title Annotation:provision for rental losses included in bill to be presented to U.S. Senate
Author:Weiss, Lois
Publication:Real Estate Weekly
Date:Aug 5, 1992
Words:132
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