Update: Tax Reform Bill

Update: Tax Reform Bill

The House of Representatives voted to approve the tax reform bill this afternoon. The Senate is expected to vote on final passage of the bill either late this evening or tomorrow. The NAR Call for Action will come down following the Senate vote.  NAR remains neutral on final passage. NAR President Elizabeth Mendenhall issued this statement following the release of the conference committee report:  

“We remain concerned that the overall structure of this bill poses problems for homeowners and the broader housing market, but the conference committee has made some important improvements to the House and Senate legislation that ultimately will benefit some homeowners and communities. We are particularly pleased with the treatment of capital gains on the sale of a home and the preservation of deductions for second homes. We are also grateful that the positive changes for commercial real estate and real estate professionals from the Senate bill have survived.”

Link to NAR Issue Brief on conference report.

Link to downloadable NAR Issue Brief on conference report.