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New Tax Bill Extends Deductions Through 2028

4/10/2026

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Summary

Story summary

The One Big Beautiful Bill Act renews key tax provisions through 2028.
The renewed provisions require taxpayers to itemize deductions to claim the state and local property tax deduction up to $10,000.
Mortgage interest on loans up to $750,000 remains deductible.
Interest on home equity loans is deductible when the funds are used for home improvements.
Mortgage insurance premiums remain deductible for qualifying homeowners.

History

Historical Context

The Tax Reform Act of 1986, signed by President Ronald Reagan on October 22, aimed to simplify the U.S. tax code by lowering the top tax rate from 50% to 28% and eliminating numerous deductions. This landmark legislation removed about six million low-income Americans from the tax base, reflecting ongoing debates about tax equity and the sustainability of property tax deductions for homeowners.

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Story summary

The One Big Beautiful Bill Act renews key tax provisions through 2028.
The renewed provisions require taxpayers to itemize deductions to claim the state and local property tax deduction up to $10,000.
Mortgage interest on loans up to $750,000 remains deductible.
Interest on home equity loans is deductible when the funds are used for home improvements.
Mortgage insurance premiums remain deductible for qualifying homeowners.

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