Congress has again turned its attention to tax reform and the mortgage interest deduction (MID) is in jeopardy. The National Association of REALTORS (NAR) has put together a plan to assure that the MID will continue to be a viable incentive for home ownership.
Testifying before a Senate hearing on “Individual Tax Reform”, Iona Harrison, Chair of NAR’s Federal Tax Committee, conveyed the message that, “Tax reform done right could yield savings and simplification that benefits average Americans, but history shows that misguided reforms can pose significant threats to the economy.”
The President has just released his tax reform package and it is now Congress’ turn to move the measure forward. NAR will reach out to REALTORS in all Congressional districts where members of the House Ways and Means committee reside. They will be the first ones to hold hearings on the measure. REALTORS will be reaching out to members of the Senate Finance Committee as well.
To read more about federal tax reform and action being taken by NAR, click here. Be on the look-out for updates as more information becomes available.