Facing concerns over possible comprehensive tax reform, several local and state real estate industry executives met recently on Capitol Hill to educate and urge lawmakers to support three important housing issues.
The group’s focus was on maintaining:
• The comprehensive tax reform, for residential home owners
• The property tax deduction (both Federal tax deductions)
• 1031 Tax- Deferred Exchanges
The business executives were led by William Arnold, a former president of the Tucson Association of REALTORS® (TAR) and current National Association of REALTORS® (NAR) Federal Political Coordinator to Arizona Congresswoman Martha McSally.
“We received Congresswoman McSally’s support on these three important real estate-related issues. She understands how devastating the repeal or modification of any of these critically important tax-related provisions would be to the real property owners of Southern Arizona,” said Arnold.
As an NAR Federal Political Coordinator, Arnold works on behalf of the real estate industry at a grass-roots level with McSally and her staff in a neutral, non-partisan manner. The Capitol Hill meetings were in mid-May to advocate for policy initiatives that benefit REALTORS® and property owners in Southern Arizona.
As Congress considers comprehensive tax reform, NAR is working to maintain the current tax laws for home ownership and real estate investment. Any changes could harm America’s 75 million home owners. Existing tax code contains housing-related provisions that help facilitate home ownership, build wealth for families, and provide stability to communities.
Altering these tax policies could marginalize current and future home buyers.
“Tax law changes can have a profound impact on real estate. That’s why it’s important for our law-makers to understand the position of home owners and the real estate industry. Legislative action on Capitol Hill has local consequences,” said Arnold.
“Our goal is to help lawmakers make informed decisions on any proposed tax reforms and to emphasize that home ownership is the financial foundation for a healthy middle class,” he added.