At the kickoff of the REALTORS® Legislative Meetings in Washington, D.C., real estate professionals packed the room for a live recording of the Advocacy Scoop podcast hosted by Shannon McGahn, NAR executive vice president and chief advocacy officer, and Patrick Newton, NAR vice president of advocacy communications and outreach.
The podcast, now in its second year, gives an in-depth look at the work of NAR’s advocacy team and the policy issues dominating the public discussion.
For this Legislative Meetings special, the hosts broke down the current state of tax reforms that were included in the House bill and how NAR’s advocacy efforts contributed to the inclusion of policies that support homeownership and housing supply.
McGahn noted the importance of sharing NAR research and public opinion throughout the process, saying communicating widely is essential because “as much as the opinion of our organization ... and the great work we do matters, what folks really want to hear about is what are the voters thinking.”
Attendees received an exclusive preview of new survey findings on NAR members’ views on tax policy and how their level of understanding compares to that of voters.
Overall, NAR members have more knowledge about the 2017 Tax Cuts and Jobs Act provisions set to expire at the end of 2025 compared to the public, and they are more optimistic about the future of the economy. According to the survey, 44% of members think the economy will get worse in the next 12 months compared to 55% of the public.
Newton and McGahn also highlighted a recently released study from NARpdf that draws attention to the “stay-put penalty” that occurs when seniors and empty-nesters choose not to sell because they’d be hit with unexpected tax bills simply for building equity over time. Many delay downsizing or relocating because they fear both the tax and the cost of buying again.
SALT and Opportunity Zones
Following the podcast taping, RLM attendees heard additional context on the tax provisions in the reconciliation package from NAR tax experts. NAR Vice President of Government Advocacy Joe Harris was joined by Director of Federal Taxation Evan Liddiard and Government Advocacy Director Matt Stross to discuss where this legislation is headed in the Senate—and which provisions NAR is fighting to keep out of the bill.
Stross discussed the political climate facing the state and local tax deductions that were included in the House bill. “There’s no natural constituency in the Senate for the SALT deduction as there is in the House. They realize that it needs to be addressed, and that Speaker [Mike] Johnson has done a great job of working with his conference,” he said.
One issue area that Liddiard highlighted as being commonly overlooked is the expansion of Opportunity Zones in rural communities. “[Leaders] are talking about renewing them and extending them and creating some of that excitement once again,” he said. “And especially in rural areas. Many of the Republicans come from rural areas and felt like they missed out on some of that excitement.”
Fair Housing Remains a Priority
Closing out the Advocacy Scoop session, Vice President of Policy Advocacy Bryan Greene was joined on stage by NAR Director of Fair Housing Policy and Programs Alexia Smokler to discuss the state of fair housing.
Speaking to NAR’s continued commitment to creating an equal playing field for future homebuyers, Smokler said: “We will continue to advocate in Congress for full funding for federal fair housing activities. Appropriations are coming up in the fall, and we will be fighting to ensure that our local fair housing centers are protected and that agencies charged with helping consumers and members can meaningfully function.”
