Members of Congress have returned home to campaign for reelection. REALTORS® should directly engage with Members of Congress who are campaigning in their districts. Congress has left town with two major issues affecting commercial and residential real estate transactions alike. NAR is urging congress to reinstate Mortgage Debt Cancellation Relief as part of the expired tax provisions affecting real estate. Mortgage debt forgiveness tax relief is a vital provision. A failure to reinstate this provision will force more homeowners into foreclosure, destabilizing communities and housing values. A failure to act on TRIA would also destabilize commercial real estate markets and have a negative impact on commercial property values.
Please ask your Member of Congress to act quickly to reauthorize the Terrorism Risk Insurance Act (TRIA) of 2002. You should also your ask lawmakers to Co-Sponsor H.R 2994 (House) or S. 1187 (Senate), and ask Congressional Leaders to move the bill quickly to reinstate the provision that waives income tax on mortgage debt forgiven (“phantom income”) in a short sale or a workout for principal residences. Congress must act on these issues to avoid destabilizing families, neighborhoods and communities.
NAR prepared the set of talking points below to help you in your meetings with Members of Congress.
• Reauthorize the Terrorism Risk Insurance Act
• Preserve Real-Estate Related Tax Policies