If a Republican tax plan is signed into law that would not permit homeowners to deduct the cost of repairing their basements, Rep. John Larson would work with the Internal Revenue Service to insure homeowners in eastern Connecticut would be spared.
Last week, Larson and Rep. Joe Courtney announced they had reached a deal with the IRS that would permit homeowners of crumbling foundations to take a casualty loss for money they spend to repair or replace their foundations. The Republican tax cut that passed the House, would halt such deductions and so would the Senate version, currently under debate. However a deduction would be allowed, if the president issued an emergency declaration.
An official in congressman Larson’s office told CT On The Hill today, eliminating the deduction is still “hypothetical,” but if it came to pass, the congressman would meet with IRS officials to insure homeowners with crumbling basements in eastern Connecticut would be spared.