Participate in Tax Reform Call-for-Action
From time-to-time the REALTOR® organization issues a Call-For-Action (CFA) regarding legislation and regulation that could potentially have a large impact on the real estate industry. On July 10, the latest CFA on tax reform was launched. As you may know, revising the federal tax code is on the "to-do" list for the Obama Administration and Capitol Hill lawmakers. It was announced that the responsible committees in both the U.S. Senate and House of Representatives would begin the process of revising the Code by eliminating all tax deductions, exemptions, and tax credits that exist and then committee members may request which provisions they would like to add to a tax reform bill. The Senate has adopted a "Blank Slate" approach that initially eliminates every provision in the tax code, including those that encourage real estate ownership and investment. Senators must submit their tax reform priorities to Senate leaders by July 26th. As REALTORS®, we need to make our voices heard now so real estate provisions are on the top of the Senators' lists. When approaching tax reform, Congress needs to be careful not to adversely affect the unique legacy of homeownership and real estate investment. It is precisely this legacy that has contributed to our country's historical prosperity and the revitalization of today's economy. REALTORS® must stand united that tax reform should above all "Do No Harm" to the housing industry and encourage Congress to retain tax provisions vital to real estate, especially the mortgage interest and property tax deductions, capital gains exemption on the sale of a primary residence, and deferral of a gain on like-kind exchanges of real property. Please participate in this important Call-For-Action today.