As many of you know, congress is in the process of finalizing a major tax reform bill. There are elements of the bill that are counter to the interest of homeowners, and unfortunately make our work to advance sustainable Hispanic homeownership more difficult. It is Not Too Late to Influence Congress. Below is a message from our friends at the National Association of Realtors® that provides instructions on how you can help persuade policy makers to make the bill more homeownership friendly:
Thanks to our members’ engagement, working with the NATIONAL ASSOCIATION OF REALTORS®, we 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.