Gary Thomas the President of the National Association of Realtors spoke recently on the importance of the continuation of the many long standing tax incentives to home ownership.
Gary Thomas the President of the National Association of Realtors spoke recently on the importance of the continuation of the many long standing tax incentives to home ownership. Tax treatment favoring homeowners include the mortgage interest deduction, capital gains exclusion on the sale of a principle residence, and the deduction for mortgage insurance premiums on private mortgage insurance and FHA backed insurance.
Thomas noted that these are complicated issues that are not settled with a direct up or down vote and that they may be tucked into language on larger bills moving through Congress. Right now we’re in the early stages of what we expect will be a long process.. The House Ways & Means Committee and the Senate finance Committee are holding ongoing meetings on the issues. As REALTORS®, we have a seat at the table and are sharing our views.
We tell members of Congress and staff how necessary these incentives are for rebuilding the national economy. Since we’re in the midst of a fragile recovery, additional housing taxes would crush the real estate market just as it is poised to help lift us out of the economic doldrums.
Thomas said our goal is to see that the tax code will continue to reflect the fundamental American value that homeownership helps build financial stability. He added that not only is this the right policy for housing, it’s also the best for families, for communities and the entire country.