NAR Analysis: Congress Passes Tax Bill

NAR: The Tax Cuts and Jobs Act - What it Means for Homeowners and Real Estate Professionals

The National Association of REALTORS® (NAR) worked throughout the tax reform process to preserve the existing tax benefits of homeownership and real estate investment, as well to ensure as many real estate professionals as possible would benefit from proposed tax cuts. Many of the changes reflected in the final bill were the result of the engagement of NAR and its members, not only in the last three months, but over several years.

While NAR remains concerned that the overall structure of the final bill diminishes the tax benefits of homeownership and will cause adverse impacts in some markets, the advocacy of NAR members, as well as consumers, helped NAR to gain some important improvements throughout the legislative process. The final legislation will benefit many homeowners, homebuyers, real estate investors, and NAR members as a result.

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NAR Issue Brief 

Learn more at www.nar.realtor/tax-reform

Letter from California Association of REALTORS® President, Steve White

The U.S. House of Representatives and Senate just passed the congressional "tax reform" bill. The President will sign the bill within days and the measure will go into effect on January 1. We are disappointed that Congress has passed tax reform legislation that puts home values at risk and dramatically undercuts the incentive to own a home.

While we weren't successful in defeating the bill outright, California REALTORS® communicated with their Members of Congress over 44,000 times in the last several weeks by responding to C.A.R. and NAR Calls for Action. Those communications helped improve the final bill. And for that, we are all grateful.

Unfortunately, the final bill still eliminated homeownership incentives and is disproportionately harmful to California. For these reasons, C.A.R. continued to oppose the bill to the very end.

Thank you to everyone who helped in this effort. In the coming weeks, C.A.R. will provide members with additional information on how the new law will impact them.

As we move forward and learn the full impact of this legislation, we hope we can work with Congress to make the necessary changes that will keep housing as the foundation of this great nation's economy.

Homeownership has been and will always be the foundation of opportunity for Americans across our great nation, and C.A.R. will not stop advocating for it.

Sincerely,

Steve White
President
CALIFORNIA ASSOCIATION OF REALTORS®