No swing sets or monkey bars here! Congress may be out for August recess, but the National Association of Realtors® isn’t slowing down one bit.
Leaders on Congress’s tax-writing committees continue to discuss the outlines for comprehensive tax reform, and NAR is making the case for protecting 1031 like-kind exchanges.
This provision allows for the exchange of one property for another on a tax-deferred basis, and has been an important tool in the real estate industry for decades. NAR released a survey earlier this year showing that over 60 percent of Realtors® have participated in a like-kind exchange in the past four years, and while repealing 1031 exchanges wouldn’t mean much in the way of revenue for the federal government, it would deliver a hit to job growth and the broader economy. For that reason, NAR believes Congress should reject any proposal to repeal the like-kind exchange.
But 1031 exchanges aren’t the only item on NAR’s radar. Far from it.
The Environmental Protection Agency recently finalized regulations placing more bodies of water under federal jurisdiction, including small streams and isolated wetlands. These regulations have the potential to adversely impact real estate development and property rights, and the House of Representatives passed legislation – H.R 1732 – earlier this year requiring the EPA to scrap the rule and start again. The bill is now in the hands of the Senate, and NAR is urging them to vote on this important legislation.
So what else is on deck? Well, if you’re a follower of NAR Newsline, you know NAR is taking a stand against patent trolls by supporting H.R. 9, The Innovation Act. This legislation would help close the loopholes that patent trolls use to exploit and extort Main Street businesses. NAR members across the country are calling on their Representatives to support the bill as work continues to bring it to the floor for a vote.
You can get a full rundown of NAR’s legislative and regulatory agenda on our website. That may not be how you envisioned spending your “recess,” but it’s a great place to stay up to date on the issues facing Realtors® and real estate professionals before Congress begins its Fall session!