U.S. Rep. Peter Roskam, left, talks with Illinois REALTOR® Pat Callan in Washington, D.C.
Illinois REALTOR® Pat Callan met with U.S. Rep. Peter Roskam in Washington, D.C. on Tuesday.
Callan, a former Illinois REALTORS® president who serves as federal political coordinator for Roskam, helped host a lunch the congressman attended at the D.C. headquarters of the National Association of REALTORS®. At the lunch, industry leaders discussed upcoming efforts to revise the nation’s tax code.
Federal political coordinators work closely with assigned congressional representatives to update them on market conditions and the impact of policy decisions on the real estate industry.
Roskam, serves as chairman of the House Ways and Means Subcommittee on Tax Policy, which will play a key role in any attempt at tax reform. He represents Illinois’ Sixth Congressional District.
REALTORS® have been especially wary of the tax code rewrite effort. Key provisions such as the Mortgage Interest Deduction and 1031 Like-Kind Exchange are seen as potentially vulnerable in the process.
Illinois REALTORS® have joined their colleagues throughout the country urging policymakers to consider the value of these provisions and others which encourage homeownership and real estate investment.
U.S. Rep. Peter Roskam meets with Illinois REALTORS® to discuss a variety of issues important to the real estate industry including tax reform. (Photos: Sharon Gorrell)
This week Pat Callan, Broker/Owner of Realty Executives Premier in Wheaton and a NAR Federal Political Coordinator (FPC) met with U.S. Rep. Peter Roskam, R-Ill., on Monday to discuss issues important to the REALTOR® community.
U.S. Rep. Peter Roskam responds to a question at a meeting on Monday, Aug. 22, 2015, with Illinois REALTORS®. Looking on was Pat Callan, a REALTOR® who serves as Federal Political Coordinator. The meeting was held at the DuPage Airport Flight Center terminal building.
Given Rep. Roskam’s position on the U.S. House Ways and Means committee, it puts him in a great position to discuss issues related to tax policy. Callan asked him to discuss what overall tax reform might look like depending on the make-up of Congress and the Executive Branch after the election.
Roskam said that any tax reform package “must be bipartisan” and while there certainly be a difference in priorities, everyone can agree that what we have now simply isn’t working.
Callan asked specifically about the provision in the tax code that taxes “phantom” income that is a result of a forgiven balance of a distressed mortgage. Roskam said he does not feel that provision will ever be reinstated. He sees that as an issue that everyone can agree is simply “offensive” to tax someone on income that they never actually received.
A few other topics discussed were GSE reform, access to credit, the 1031 Like-Kind Exchange and the future of deductions for property taxes and mortgage interest within the context of overall tax reform. The meeting ended with REALTORS® giving updates on the real estate market from several areas of the district.