Tax reform passes, REALTORS® make their voices heard
The United States House of Representatives and Senate each passed final tax reform legislation, sending the bill to the desk of the President of the United States. The bill, which is expected to be signed by the President in early January, has numerous impacts on real estate and homeownership. Through member engagement and association advocacy, the tax reform bill was improved to reflect the needs of homeowners and real estate professionals.
During the tax reform legislative process, the REALTOR® Party worked tirelessly to ensure that existing tax incentives for homeownership and real estate were protected. In the past three months, more than 220,000 REALTORS® nationally contacted their members of Congress to express concerns about the legislation, and suggest improvements.
As a direct result of this member engagement in advocacy - such as responding to Calls for Action - the bill preserves the exclusion for capital gains on the sale of a home, as well as the Mortgage Interest Deduction for second homes. Further, the final bill allows for an itemized deduction of up to $10,000 of state and local property taxes.
These victories wouldn't have been possible without REALTORS® making their voices heard. SPAAR thanks you! You can read a full summary of the bill here, from the National Association of REALTORS®.