Congressional “Tax Reform” Bill Dramatically Weakens Homeownership Incentives
Act Now! We’re Almost Out of Time!
C.A.R. and NAR continue to strongly OPPOSE the Congressional “Tax Reform” bill that is being considered in Congress. C.A.R. opposes the proposal because it dramatically weakens the tax incentives for homeownership. The Senate approved the bill last week. And both the House and the Senate could vote on the final version of the bill as soon as this week.
Thanks to our members’ engagement, REALTORS® have helped positively influence tax reform in some key areas. For example, both the House and Senate have agreed to maintain deductibility of state and local property taxes up to $10,000, and to maintain Section 1031 tax-deferred exchanges in their present form for real estate investments.
BUT OUR WORK IS NOT DONE. We still have an opportunity to influence Congress to help make the tax reform bill more favorable to homeowners and consumers. Now that both the House and Senate have passed The Tax Cut and Jobs Act, a Conference Committee will begin to address the differences between the two bills. Important improvements in the legislation are possible by encouraging Congress to maintain the current law for the mortgage interest deduction and capital gains exclusion. Retaining current law makes the bill more favorable to homeownership.
Take action to tell Congress to protect middle-class homeowners.