WASHINGTON D.C. – The United States Capitol is the meeting place of the United States Congress, the legislature of the U.S. federal government. It sits atop Capitol Hill at the eastern end of the National Mall. (Bigstock Photo)
Nearly a week after the National Association of REALTORS® issued a Call for Action regarding tax reform in Congress, 12.5 percent of Illinois members have asked their federal legislators to protect middle class homeowners while considering reforms to the U.S. tax code. Make your voice heard.
Eight local associations have already hit the 20 percent participation goal, according to NAR:
- the Mid Valley Association of REALTORS®,
- the REALTOR® Association of Northwestern Illinois,
- the Logan County Board of REALTORS®,
- the Rockford Area REALTORS®,
- the Illini Valley Association of REALTORS®,
- the Quincy Association of REALTORS®,
- the Peoria Area Association of REALTORS® and
- the Quad City Area REALTOR® Association.
A recent proposal to eliminate the mortgage interest deduction and the deduction for state and local property taxes could have negative effects on the housing industry, which saw the number of first-time home buyers at a 50-year low in 2016.
Proposals that repeal or weaken tax incentives for homeowners could cause middle-income families to pay an average of $815 more in taxes and take on a larger share of the nation’s tax burden, according to an analysis by PricewaterhouseCoopers. Middle-class homeowners are defined as those making between $50,000 and $200,000. Members want lawmakers to consider ideas that treat homeowners fairly, increase the numbers of first-time homebuyers, prevent another housing crash and preserve like-kind exchanges.
Learn more about this issue at the NAR Tax Reform Portal.
Encourage Congress to reform our tax code and protect middle class homeowners in the process by taking part in an NAR Call for Action which starts today.
Ask your federal lawmakers to make sure the tax reforms they consider will treat homeowners fairly, reverse the decline in first-time home buyers, not cause another housing crash and preserve like-kind exchanges. Proposals that repeal or weaken tax incentives for homeowners, according to analysis from PricewaterhouseCoopers shows that middle-income families ($50,000 to $200,000) could be worse off – paying an average of $815 more taxes and taking on a larger share of the nation’s tax burden.
Although the nation’s tax code has encouraged homeownership, proposals that limit interest and property tax deductibility would reverse this course. A recent proposal to eliminate the mortgage interest deduction and the deduction for state and local property taxes could have negative effects on the housing industry, which saw the number of first-time home buyers at a 50-year low in 2016.
In Illinois, where 65 percent of homeowners had a mortgage in 2014, about 1.5 million taxpayers claimed the mortgage interest deduction and saved nearly $2.9 million in taxes. That was an average of $1,930 per taxpayer. About 1.8 million taxpayers claimed the real estate tax deduction, saving a total of nearly $2.9 million, or $1,620 a person, according to NAR calculations.
Do your part by following directions outlined in REALTOR® Party mobile alerts, emails or by going to the REALTOR® Party webpage to send messages to policymakers. In previous Calls for Action, more than 20 percent of Illinois REALTORS® membership has participated.
The more REALTORS® respond to the Call for Action, the stronger the message to elected officials.
Get more information on this issue.
More than 20 percent of Illinois REALTORS® responded to NAR’s Call for Action on the National Flood Insurance Program, a tally of responses shows.
The responses pushed the association past the finish line goal of having a more than 20 percent participation rate for the Call for Action.
The national association asked its members to contact their congressional representatives several weeks ago to urge them to back extending or modifying the National Flood Insurance Program (NFIP).
The Senate approved a three-month extension on Thursday. The House is expected to follow suit.
Illinois REALTORS® has had a strong track record of member responses to NAR and state association Calls for Action.
Thanks to all Illinois REALTORS® who made sure lawmakers know how important NFIP is to some 22,000 communities nationwide.
The National Association of REALTORS® Call for Action is winding down, as U.S. House members are expected to take up a measure soon to extend the National Flood Insurance Program.
The Senate passed a stop-gap, three-month extension on Thursday. NAR has said the final day for the Call for Action will be Friday by 5 p.m. To make your voice heard on this important issue, go here.
Illinois REALTORS® wants more than 20 percent of its members to participate in the Call for Action. As of late Thursday afternoon, 17 percent had responded.
The National Flood Insurance Program affects 22,000 communities nationwide. The program isn’t just for those living near a coastline. Government data shows since 1978 all but four Illinois counties have seen paid claims under the program.
Time is of an essence for Congress. If NFIP is not extended, assistance for homeowners through the program will end Sept. 30.
Learn more at Realtoractioncenter.org. And watch a video explaining the importance of this program here.
Illinois REALTORS® have many reasons to support the re-authorization of the National Flood Insurance Program, and this graphic explains why many have already responded to the National Association of REALTORS® Call for Action.
If you haven’t responded yet, please take a look at some of these facts and click here to participate.
To learn more about the subject of flood reform, go here.