The group discussed a variety of issues impacting the real estate industry. In particular, tax reform was a hot-button issue. The Tax Cuts and Jobs Act, enacted in December includes several provisions that were unfavorable for the real estate industry, including a new cap of $10,000 on state and local tax deductions and of $750,000 on the mortgage interest deduction. As Congress moves forward with implementation of this law, REALTORS(R) had the following request:
1. Support legislation to adjust homeownership tax incentives (SALT cap, MID loan limit and capital gain exclusions) to future inflation
2. Make Exclusion For Forgiven Mortgage Debt Permanent
3. Extend the Deduction For Energy-Efficient Commercial Buildings
The group also discussed the importance of strong net neutrality provisions to protect small, independent businesses, such as REALTORS(R). An important part of the conversation was the recognition of the 50th Anniversary of the Fair Housing Act and the need to extend these protections based off of sexual orientation and gender identity. Finally, the ongoing battle over providing a long-term extension of the National Flood Insurance Program and implementation of a 2016 law to ease condo financing rules remained topics of discussion.
Additional information can be found at: https://www.nar.realtor/political-advocacy/talking-points-for-the-2018-realtors-legislative-meetings-trade-expo