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It is Not Too Late to Influence Congress on Tax Reform

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. REALTORS 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 maintain the current law for the mortgage interest deduction and capital gains.  Congress can also address the State and Local Tax Deductibility issue by expanding the provision to include income taxes, raising the cap and indexing the cap to inflation.  These changes and retaining the current law makes the bill more favorable to homeownership. 

Take action to tell Congress to protect middle-class homeowners.

More information:
NAR Tax Reform Portal

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Message

Provisions to Improve Tax Reform for Homeowners

Dear [Decision Maker],

As a REALTOR and your constituent, I urge you to push the House-Senate Conference Committee on the tax reform bill to strengthen the protections for consumers and homeowners. Building on the progress of the Senate bill, please support the following provisions for inclusion in the final legislation:

Mortgage Interest Deduction: Retain current law to maintain a total cap of $1 million on primary first and second homes.

Capital Gains Exemption: Retain current law of exempting gains of up to $250,000 for single filers and $500,000 for joint filers for primary residence lived in for two of the past five years of ownership.

State and Local Tax Deductibility: The limitation of deductibility to property taxes should be expanded to include state and local income taxes and the cap should be increased and indexed to inflation

These provisions would add needed protection to current and future homeowners and strengthen the ability of qualified American families to purchase a home. Please add these provisions to protect middle class homeowners and the American Dream of homeownership.

Sincerely,
[Your Name]
[Your Address]
[City, State ZIP]
[Your Email]

Contact

Recipients

  • Your Senators
  • Your Representative
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National Association of Realtors (comments@realtoractioncenter.com)

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