U.S. Rep. Peter Roskam meets with Illinois REALTORS® to discuss a variety of issues important to the real estate industry including tax reform. (Photos: Sharon Gorrell)

This week Pat Callan, Broker/Owner of Realty Executives Premier in Wheaton and a NAR Federal Political Coordinator (FPC) met with U.S. Rep. Peter Roskam, R-Ill., on Monday to discuss issues important to the REALTOR® community.

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U.S. Rep. Peter Roskam responds to a question at a meeting on Monday, Aug. 22, 2015, with Illinois REALTORS®. Looking on was Pat Callan, a REALTOR® who serves as Federal Political Coordinator. The meeting was held at the DuPage Airport Flight Center terminal building.

Given Rep. Roskam’s position on the U.S. House Ways and Means committee, it puts him in a great position to discuss issues related to tax policy. Callan asked him to discuss what overall tax reform might look like depending on the make-up of Congress and the Executive Branch after the election.

Roskam said that any tax reform package “must be bipartisan” and while there certainly be a difference in priorities, everyone can agree that what we have now simply isn’t working.

Callan asked specifically about the provision in the tax code that taxes “phantom” income that is a result of a forgiven balance of a distressed mortgage. Roskam said he does not feel that provision will ever be reinstated. He sees that as an issue that everyone can agree is simply “offensive” to tax someone on income that they never actually received.

A few other topics discussed were GSE reform, access to credit, the 1031 Like-Kind Exchange and the future of deductions for property taxes and mortgage interest within the context of overall tax reform.  The meeting ended with REALTORS® giving updates on the real estate market from several areas of the district.