{"id":690,"date":"2017-02-09T00:00:00","date_gmt":"2017-02-09T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/lawmakers-need-realtors-on-tax-reform\/"},"modified":"2017-02-09T00:00:00","modified_gmt":"2017-02-09T00:00:00","slug":"lawmakers-need-realtors-on-tax-reform","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/lawmakers-need-realtors-on-tax-reform\/","title":{"rendered":"Lawmakers Need REALTORS\u00ae on Tax Reform"},"content":{"rendered":"

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The chairman of the tax-writing House Ways & Means\u00a0Committee\u00a0joined\u00a0REALTORS\u00ae\u00a0at NAR\u2019s 2017 Federal\u00a0Policy Conference\u00a0in Washington\u00a0yesterday and\u00a0urged\u00a0them\u00a0to stay engaged\u00a0over the next year\u00a0while lawmakers in Congress look at a full-scale reform of the country\u2019s tax code.<\/p>\n\n\n\n\n
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NAR President William Brown greets Rep. Kevin Brady (R-Texas), chair of the tax-writing House Ways & Means Committee, at the 2017 NAR Federal Policy Conference Feb. 8 in Washington.<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u201cWe\u00a0have a historic opportunity, the first time in 30 years, to completely reform the\u00a0tax\u00a0law,\u201d Rep. Kevin Brady (R-Texas) told hundreds of\u00a0politically active REALTORS\u00ae\u00a0in Washington\u00a0Feb. 8 for the\u00a0conference, which NAR holds every other\u00a0year to educate its most\u00a0politically involved members\u00a0on\u00a0the issues that are expected to dominate the Washington agenda for the year.<\/p>\n

This year,\u00a0tax reform is expected to be high on the list of priorities\u00a0Congress and the new Administration\u00a0are expected\u00a0to take up. Reform\u00a0of the secondary\u00a0mortgage<\/a> market is also on the agenda for later in the year, along\u00a0with flood insurance reauthorization and reform.<\/p>\n

Brady\u00a0introduced REALTORS\u00ae to a tax reform\u00a0blueprint\u00a0that Republicans\u00a0in the House are working on and which stands\u00a0a good chance of being the main vehicle for any\u00a0tax reform effort that gets taken up in the House.<\/p>\n

The blueprint envisions broadening the tax base by condensing tax brackets from seven to three, with tax rates of 33, 25,\u00a0and 12 percent,\u00a0respectively, and\u00a0increasing the standard\u00a0deduction to almost twice its current amount. It would also eliminate\u00a0many itemized\u00a0deductions, including for state and local\u00a0taxes. The mortgage interest deduction and the deduction for\u00a0charitable contributions would\u00a0remain, but because of the higher standard deduction, it\u2019s likely\u00a0most homeowners would no longer have an incentive to itemize, a concern of NAR\u2019s.<\/p>\n

On the commercial side, the blueprint does not specifically repeal 1031 like-kind exchanges. However, Brady admitted the committee is considering eliminating the provision. \u00a0The blueprint would allow owners to deduct 100 percent of the cost of new business assets, including buildings (but not land)\u00a0in the first year of ownership. Brady along with Rep.\u00a0Peter\u00a0Roskam\u00a0(R-Ill.),\u00a0chair of\u00a0the tax policy subcommittee of the\u00a0Ways & Means\u00a0Committee,\u00a0said the accelerated expensing could go a long way to offsetting the 1031 exchange as an investment incentive,\u00a0but they wanted to hear from REALTORS\u00ae\u00a0more about their\u00a0concerns.\u00a0\u201cWe\u00a0haven\u2019t made our decisions yet,\u201d said\u00a0Roskam.\u00a0\u201cWere listening.\u201d<\/p>\n

Maintaining 1031 exchanges is a top priority for NAR. In the question and answer period, a\u00a0REALTOR\u00ae asserted that\u00a0two-thirds of commercial investment is spurred directly or indirectly by the exchanges.<\/p>\n

At the conference, REALTORS\u00ae\u00a0also heard about the prospects for secondary mortgage market reform. The big ideological debate on that issue centers\u00a0around\u00a0whether the federal government should continue\u00a0to back mortgages sold in the\u00a0secondary\u00a0market. A staff aide at the conference\u00a0said legislation has been\u00a0introduced to help make the debate easier by allowing more\u00a0private sector parties\u00a0to buy the risk held by Fannie Mae and Freddie Mac. Other legislation would touch\u00a0on a common securitization platform Fannie and\u00a0Freddie are working on, which would allow private insurers to get into the market more.\u00a0\u201cThese are things we can agree on and make the decision [about federal backing] easier once we get there,\u201d he said.<\/p>\n

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Read more<\/strong>: We Could Lose 1031s. Here’s Why That Matters<\/span><\/a><\/p>\n<\/blockquote>\n

NAR wants to see the federal government stay in the market to ensure the viability of affordable, 30-year, fixed-rate mortgages and\u00a0also ensure\u00a0mortgages are available in bad times as well as good.<\/p>\n

On flood insurance, congressional aides said many lawmakers\u00a0want\u00a0to avoid the kind of short-term reauthorizations\u00a0of\u00a0the National Flood Insurance Program that the market saw several years ago. \u00a0NAR supports early\u00a0reauthorization\u00a0of the program, which expires later\u00a0this year.\u00a0<\/p>\n

\u2014REALTOR\u00ae Magazine<\/em><\/p>\n<\/div>\n

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[ad_1] The chairman of the tax-writing House Ways & Means\u00a0Committee\u00a0joined\u00a0REALTORS\u00ae\u00a0at NAR\u2019s 2017 Federal\u00a0Policy Conference\u00a0in Washington\u00a0yesterday and\u00a0urged\u00a0them\u00a0to … Lawmakers Need REALTORS\u00ae on Tax Reform<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1403,12908,543,627,698,408,312,1007,41,818,693,1262],"class_list":["post-690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-home","tag-home-buying-guide","tag-homeowners","tag-insurance","tag-mortgage","tag-mortgages","tag-owners","tag-property","tag-real","tag-realtors","tag-taxes"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/2_9_brown_brady.png?fit=1642%2C1102&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3875,"url":"https:\/\/amazingproperty.com.ng\/blog\/mendenhall-urges-lawmakers-to-keep-incentives-for-homeowners\/","url_meta":{"origin":690,"position":0},"title":"Mendenhall Urges Lawmakers to Keep Incentives for Homeowners","author":"Amazing Property","date":"April 26, 2017","format":false,"excerpt":"As the Trump administration unveils its plan to reform the U.S. income tax system, NAR President-elect Elizabeth Mendenhall visited key lawmakers on both sides of the aisle yesterday to remind them of the central role the mortgage interest deduction and other tax code provisions have long played in incentivizing Americans\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/Mendenhall-Neal-042517-2.JPG?fit=450%2C212&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6900,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-vows-pushback-on-tax-reform\/","url_meta":{"origin":690,"position":1},"title":"NAR Vows Pushback on Tax Reform","author":"Amazing Property","date":"November 3, 2017","format":false,"excerpt":"\u201cThe bottom line is removing tax incentives means fewer home buyers and lower home values,\u201d Iona Harrison, chair of NAR\u2019s Federal Taxation Committee, said of the House GOP tax plan at the REALTORS\u00ae Conference & Expo welcoming ceremony Thursday. 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Harrison said the proposals would actually raise taxes on\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6960,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-gops-tax-plan-attacks-homeownership\/","url_meta":{"origin":690,"position":3},"title":"NAR: GOP\u2019s Tax Plan \u2018Attacks Homeownership\u2019","author":"Amazing Property","date":"November 6, 2017","format":false,"excerpt":"Republican strategist Steve Schmidt predicted during the REALTORS\u00ae Conference & Expo in Chicago on Saturday that Congress would not pass the GOP\u2019s tax proposal. Congressional Republicans are pushing the bill, he said, simply because they need a legislative victory. Read more. The recently released GOP tax reform plan would decrease\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"11 6 17 Steveschmidt.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/11_6_17_SteveSchmidt.jpg?fit=400%2C266&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4609,"url":"https:\/\/amazingproperty.com.ng\/blog\/the-word-from-d-c-tax-reform\/","url_meta":{"origin":690,"position":4},"title":"The Word From D.C.: Tax Reform","author":"Amazing Property","date":"May 17, 2017","format":false,"excerpt":"[ad_1] Always Be Networking: Valuable connections abound at the Legislative Meetings & Trade Expo. High Hurdle for\u00a0Tax Reform \u201cNo Republicans want to say they got nothing done.\u201d\u2014Fox News journalist Chris Wallace Tax reform is a priority of President Donald\u00a0Trump and the Republican\u00a0Congress, but \u201cFox News Sunday\u201d host Chris Wallace said\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/dn_bigbizcard_480-2.jpg?fit=480%2C230&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":7448,"url":"https:\/\/amazingproperty.com.ng\/blog\/homeowners-say-tax-reform-would-hurt-them\/","url_meta":{"origin":690,"position":5},"title":"Homeowners Say Tax Reform Would Hurt Them","author":"Amazing Property","date":"December 13, 2017","format":false,"excerpt":"A majority of recently surveyed homeowners say that changing homeownership tax incentives would restrict their mobility and cause them financial strain, according to new data from the National Association of REALTORS\u00ae\u2019 fourth-quarter Housing Opportunities and Market Experience survey. 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