The NAR Government Affairs team scored 24 victories on behalf of REALTORS® and property owners in real estate provisions of the legislation signed by the 114th Congress and President Barack Obama last week for fiscal 2016.
The NAR Issue Brief noted seven positive actions in federal tax policy, including:
- Extending authority for mortgage debt forgiveness in 2015 and 2016;
- Extending deductibility of mortgage insurance premiums in 2015 and 2016; and
- Making donations of real property for conservation purposes charitable deductions.
On the subject of federal housing, six examples were noted, including:
- Gave the Rural Housing Service the authority to approve direct endorsed lenders;
- Allowed the rural public housing authorities access to IRS and Department of Labor data during the multi-family income verification process.
Concerning commercial real estate, Congress:
- Made the 15-year depreciation period for leasehold improvements permanent; and
- Extended for 2015 and 2016 the deduction for energy-efficient buildings.
Want to read the entire brief? Go to: http://www.narfocus.com/billdatabase/clientfiles/172/19/2535.pdf or visit realtor.org.