San Diego, CA – January 10, 2018 – The National Association of Hispanic Real Estate Professionals (NAHREP®) issued its analysis on the “Tax Cuts and Jobs Act” which puts into place significant changes in the tax code set to go into effect for the 2018 tax year. NAHREP’s analysis includes an outline of the anticipated overall impacts and pays special attention to how changes in four key areas will impact its membership: the standard deduction, tax rate changes, itemized deductions, and special provisions which impact Puerto Rico.
NAHREP 2018 President Leo Pareja stated, “While we hoped that more of the benefit of the tax reform bill would be directed to middle class Americans, we are encouraged by the benefits to small businesses and that some of the incentives for homeownership remain intact.”
Specifically, NAHREP believes that the reduction to the tax rate on so-called “pass-through” corporations could benefit members who own small businesses. NAHREP also expressed disappointment that the reduced income tax rates for middle class individuals are only temporary and that the changes to the itemized deduction rules negatively affect residents in states with large Hispanic populations such as California and New York.
As a real estate and housing organization and the largest Hispanic business organization in the country, NAHREP plans to stay engaged as “clean up edits” are proposed to the legislation before it goes into effect at the end of the year.
FORM GOES HERE