WASHINGTON D.C. – The United States Capitol is the meeting place of the United States Congress, the legislature of the U.S. federal government. It sits atop Capitol Hill at the eastern end of the National Mall. (Bigstock Photo)
Nearly a week after the National Association of REALTORS® issued a Call for Action regarding tax reform in Congress, 12.5 percent of Illinois members have asked their federal legislators to protect middle class homeowners while considering reforms to the U.S. tax code. Make your voice heard.
Eight local associations have already hit the 20 percent participation goal, according to NAR:
- the Mid Valley Association of REALTORS®,
- the REALTOR® Association of Northwestern Illinois,
- the Logan County Board of REALTORS®,
- the Rockford Area REALTORS®,
- the Illini Valley Association of REALTORS®,
- the Quincy Association of REALTORS®,
- the Peoria Area Association of REALTORS® and
- the Quad City Area REALTOR® Association.
A recent proposal to eliminate the mortgage interest deduction and the deduction for state and local property taxes could have negative effects on the housing industry, which saw the number of first-time home buyers at a 50-year low in 2016.
Proposals that repeal or weaken tax incentives for homeowners could cause middle-income families to pay an average of $815 more in taxes and take on a larger share of the nation’s tax burden, according to an analysis by PricewaterhouseCoopers. Middle-class homeowners are defined as those making between $50,000 and $200,000. Members want lawmakers to consider ideas that treat homeowners fairly, increase the numbers of first-time homebuyers, prevent another housing crash and preserve like-kind exchanges.
Learn more about this issue at the NAR Tax Reform Portal.
