By participating in the second Call for Action on tax reform, Illinois REALTORS® may be able to reduce the negative impacts of the negotiated final tax reform bill on middle class homeowners, home buyers and the economy.
As of 4 p.m. Friday, 18.8 percent of Illinois REALTORS® had responded to the Call for Action, “It is not too late to influence Congress on tax reform.” Check our progress.
Watch for more information in the coming days.
In separate bills passed earlier this month, the U.S. House of Representatives and the U.S. Senate proposed a decrease to the corporate tax rate but changes to taxes for homeowners and home buyers. As a result, NAR has voiced opposition to the following features of the previous proposals:
- limits to the mortgage interest deduction,
- changes to the capital gains exclusion on the sale of a principal residence,
- a cap for property tax deductions and
- elimination of state and local tax deductions.
If the NAR’s concerns aren’t addressed in the final version of the tax reform bill, the NAR predicts:
- increases in interest rates;
- decreases of as much as 10 percent in home values; and
- a reduction in the nation’s economic growth.
The NAR has identified several positives in the House and Senate proposals, including: lower tax rates for partnerships, limited liability companies and S corporations; the preservation of 1031 like-kind exchanges; and positive provisions on business expensing and property depreciation.