WASHINGTON (December 20, 2017) – The U.S. House and Senate today passed the conference agreement of the “Tax Cuts and Jobs Act,” marking a near end-of-the-road for Congress’s tax reform efforts this year. The president is expected to sign the bill later this week.
The National Association of Realtors® raised strong objections earlier in the year to tax reform proposals put forth by the House and Senate, arguing those proposals threatened home values, eliminated the tax incentives to own a home for most Americans and potentially raised taxes on many middle-class families.
On Friday, however, Congressional leaders announced a consensus agreement between the House and Senate that included significant changes to the bill. NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty said that while Realtors® still have concerns with the overall structure of the bill, fresh limits on the state and local tax deduction, and other changes, the final product is a significant improvement over previous iterations.