A 2020 federal spending bill that awaits President Trump’s signature has the National Association of REALTORS®’ (NAR) approval in three critical areas.

REALTORS® say the bill provides “wins” for the real estate industry concerning a nine-month extension of the National Flood Insurance Program, a seven-year reauthorization of the Terrorism Risk Insurance Program and temporary extensions of three taxes through the end of 2020. Read the NAR statement.

One affected tax is the exclusion of forgiven mortgage debt from gross income, said the NAR, means owners of primary residences who sold them short and had part of their mortgage debt written off will not have to pay tax on the amount forgiven. The deductibility of premiums for mortgage insurance is the second extended tax. And the deduction of the cost of energy efficient commercial building improvements is the third. All three provisions expired at the end of 2017.

“Confidence and stability are two of the most critical factors impacting America’s housing market and economy. Fortunately, this funding agreement delivers that certainty to NAR’s 1.4 million members and the clients they work hard to serve every day,” NAR President Vince Malta said.