On July 10, 2013, the National Association of REALTORS® (NAR) launched a Call for Action in response to the Senate Finance Committee’s plan to use a “blank state approach” for tax reform legislation. A “blank slate” means that as a starting point, all tax expenditures (including tax deductions such as the mortgage interest deduction, tax exemptions such as the capital gains exemption on the sale of a primary residence, and tax credits such as energy efficiency tax credits) will be removed from the tax code.

Senators have until July 26 to request that certain tax expenditures be added to the reform legislation. NAR’s Call for Action is emphasizing the need for any tax legislation to do no harm to the economy by retaining the deductions for mortgage interest and property taxes, the capital gains exclusion on proceeds from the sale of a principal residence, and extension of mortgage cancellation relief. Also emphasized are deprecation rules and the continued tax-deferred treatment of 1031 exchanges.

If you are a REALTOR® and have not answered NAR’s Call for Action, please take action today. Reach out to your U.S. Senators to make sure that real estate tax provisions are maintained in any rewrite of the tax code. Taking action is easy. Please click here to send an email to your senators