Illinois REALTORS® met with U.S. Sen Tammy Duckworth on Sunday to outline concerns about the affect proposed tax law changes might have on homeowners.
Duckworth met with REALTORS® including association President Matt Difanis and President-elect Dan Wagner. Also attending was REALTOR® Nancy Suvarnamani, who serves as the association’s federal political coordinator for Duckworth, and Brian Bernardoni, senior director of government affairs and public policy working with the Chicago Association of REALTORS®.
The meeting was held at Barrington Village Hall.
The first details on the tax reform bill are expected to be released this week, and REALTORS® are worried that the proposal may eliminate or water down the Mortgage Interest Deduction and taxpayers’ ability to deduct state and local taxes.
Eliminating or weakening the Mortgage Interest Deduction (MID) could have a profound impact on property owners nationwide, as it serves as a major incentive for buyers to own rather than rent. MID is critical for many first-time homebuyers, and has been a major driver in the real estate industry for more than 50 years.
The elimination of the state and local tax deduction would be felt particularly hard in Illinois, a state which has some of the highest property taxes in the nation.