Two ways for REALTORS® to save on MIPIM 2018

Cannes, France site of MIPIM in 2018.

Illinois REALTORS® interested in attending MIPIM 2018 in Cannes, France next March have two opportunities to save money on the trip: getting a $389 discounted registration through the National Association of REALTORS® and winning a $1,500 MIPIM stipend from the Illinois REALTORS®.

To get the NAR discount for MIPIM, members need to submit an NAR Subsidiary Contract by March 6. NAR also provides tips for completing the process correctly that could save you from paying a 20 percent value added tax. For the tips and the contract, go here.

MIPIM stipend applications can be completed online and must be submitted by Nov. 30. Winners will be chosen based on three criteria:

  • A demonstrated track record of participation in global real estate activities at the local, state or national association level;
  • Global real estate-related designations (i.e. – CCIM, CIPS, CRE, etc.); and
  • Experience with international real estate transactions.

MIPIM is scheduled for March 13-16 in Cannes, France. Illinois REALTORS® is awarding 10 stipends to association members to offset expenses and/or registration.

Need encouragement to attend?

Matt Difanis explains the benefits of MIPIM stipend and shares tips for REALTORS® to have a successful conference.

Radio appearance allows Plainfield-area REALTOR® to warn consumers about tax reform concerns

Ruettiger

REALTOR® Eddie Ruettiger believes his radio interview last week may have helped change the perspectives of a radio host, a local news reporter and some consumers.

Ruettiger, a broker for Baird & Warner Plainfield, provided his analysis of the Republican tax reform plan during the Kevin Collins Show on 1340 WJOL-AM (Joliet). The radio host and a news reporter were also impressed with his knowledge of the subject as discussions continued off air. They realized that they could end up paying more taxes under the new plan. They invited him to come back for another interview if there are new developments on the issue.

“The plan is not a good thing for homeowners at all,” said Ruettiger, also a member of the board of directors of the Three Rivers Association of REALTORS®. “I am all in favor of tax reform, but I do not want tax reform on the backs of homeowners.  If the proposal passes as it is now, it could have a huge negative impact on real estate market and the entire country.”

The elimination of tax deductions for state and local taxes (SALT) and mortgage interest could discourage home buying, cause investors to get out of the market, increase rents and drop home values as much as 10 percent, he says.  Even renters could suffer under the proposed plan because deductions for student loan interest, moving expenses and medical expenses are slated to be eliminated.

The savings from raising standard tax deductions will not make up for the elimination of deductions taxpayers use. For example, he says it is a myth that only rich people claim a deduction for mortgage interest.

Although colleagues and friends may have different concerns about the tax reform plan before Congress, he’s yet to meet anyone who believes it will be a good deal. He’s grateful that the National Association of REALTORS®, the Illinois REALTORS® and local associations are unified in their lobbying efforts.

“We need to stay vigilant on this issue,” says Ruettiger. “Real estate is a huge generator of jobs. Now that the industry is firing on all cylinders, it is not the time to gamble on its future.”

Listen to Ruettiger’s entire interview.

Updated: Association plans $10,000 donation to assist with recovery in Virgin Islands

Illinois REALTORS® leadership has approved a $10,000 donation to help those affected by hurricanes which ravaged the U.S. Virgin Islands in September.

In all, Illinois REALTORS® has donated $135,000 this year to assist with recovery from hurricanes Irma, Maria and Harvey.

The association has a long history of pitching in to help colleagues and residents in disaster areas. Its members donated heavily in the wake of Hurricane Katrina and after the 9-11 terrorist attacks.

In addition to responding to the hurricanes, Illinois REALTORS® has distributed nearly $79,000 for flood victims through its disaster relief foundation, Illinois REALTORS® Relief.

Updated: Illinois REALTOR® takes fight over tax reform to Capitol Hill today

 

REALTOR® Mike Drews meets with U.S. Rep. Randy Hultgren in Washington, D.C., to discuss tax reform proposals which could hurt Illinois property owners.

Illinois REALTORS® past president Mike Drews is in Washington, D.C., today to press the case for responsible tax reform.

Drews is visiting the Hill as part of an effort to make sure Illinois lawmakers know that the current House version of a tax code overhaul would unfairly hurt property owners in Illinois by eliminating tax deductions and ultimately lowering home prices by as much as 10 percent.

Drews is a Federal Political Coordinator for U.S. Rep. Randy Hultgren. FPC’s, as they are called, serve as a valuable conduit for information between REALTORS® and federal officials.

Drews said Hultgren was interested in the data REALTORS® provided. “We gave him a lot of information,” Drews said of the Tuesday morning meeting.

The visit is part of a nationwide push on the part of REALTORS® to make sure the message gets through to the House members who could vote later this week on a package of reforms.

Nearly 30 percent of Illinois REALTORS® have responded to a Call for Action urging lawmakers to proceed with care when reforming the tax code. (Take part here).

REALTORS® are not against tax reform, but are concerned about protecting the Mortgage Interest Deduction and deductions for state and local taxes. As drafted, the proposal now would:

  • Increase the standard deduction on  tax returns, which could put home ownership incentives beyond the reach of many families.
  • Limit capital gains from the sale of a primary residence. Homeowners would have to live in a property five of eight years, rather than the current two of five years to realize this benefit.
  • Important deductions disappear, most notably the state and local tax deduction, which would unfairly hit a high-tax state such as Illinois. The loss of deductions ranging from interest on student loans to medical expenses to even moving expenses further chips away at home ownership.

 

 

 

Morning Minute: REALTOR® president speaks in defense of homeowners

Bigstock Images

Shortly after the U.S. Senate Republicans released their plan for tax reform, National Association of REALTORS® President Elizabeth Mendenhall spoke out late last week,  urging that homeowners be protected.

“While we are still reviewing the outlines of this proposal, we are watching closely for changes to current law that might leave middle-class homeowners – and homeownership broadly – in a worse place than it is today,” said Mendenhall. “. . . America still believes in the promise of homeownership. Tax reform should reflect that belief, and as we continue to examine this proposal, that’s exactly what we’ll look to see.” Read her full statement.

In other headlines:

Inman Select: What’s preventing another housing market collapse

Chicago Tribune: GOP tax plan ‘hard sell’ for local small businesses

Washington Post: Tough decisions loom as congressional GOP moves closer to tax-cut plan