The Voice for Real Estate 78: NAR Gears Up For Tax Reform in Senate

The House passed tax reform, and NAR now looks to the Senate bill. NAR opposes both bills because they neutralize the incentive for homeownership. The House also passed long-term reauthorization and reform of flood insurance, which NAR supports. Other segments in the video look at team legal issues, the latest home sales numbers, and a new safety web product for real estate professionals.

Segments

  • House passes tax reform
  • Flood insurance clears House
  • Teams and legal issues
  • Home sales
  • Trust Stamp

Expand all

Transcript

Tax reform is moving quickly through Congress

A long-term solution to flood insurance clears a hurdle

And a new benefit is available to help keep you safe when meeting customers for the first time

These stories and more on The Voice for Real Estate

Hi, I'm Stephen Gasque with the National Association of REALTORS®

Tax reform is coming down to the wire. The House Ways and Means Committee has passed legislation that would dramatically change our nation's tax laws and now that bill is nearing a vote on the House floor. The Senate has introduced a bill, too, and, like the House, it would leave more middle-income homeowners with a higher tax bill.

[Alternative take: “Tax reform is coming down to the wire. The House has passed legislation that would dramatically change our nation's tax laws by reducing the mortgage interest and property tax deductions and making it harder for households to sell their homes without paying capital gains taxes. The Senate has introduced a bill, too, and, like the House, it would leave more middle-income homeowners with a higher tax bill.”]

That's why dozens of REALTORS® were in Washington last week. They went to Capitol Hill to talk one-on-one with members of Congress who will play a key role in whether the bills will pass and get sent to the president's desk for signature.

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Cynthia Carley of Arrowhead Luxury Properties in Blue Jay, Calif., is NAR's point person for Rep. Paul Cook of California. In her meeting on Capitol Hill, she told him that she, like so many other homeowners, would end up paying more taxes under the House bill.

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In all, 60 REALTORS® from all over America paid visits to their members of Congress.

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As you can see, REALTORS® are making a full court press to stop the legislation so lawmakers can start from scratch and reform taxes in a way that helps and not hurts homeowners. Already almost 200,000 REALTORS® have sent letters to their members of Congress. You can, too, at Realtor Action Center dot com.

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NAR's effort to keep federal flood insurance available without interruption has cleared a major hurdle. The House last week passed the 21st Century Flood Reform Act, a bill that would keep the National Flood Insurance Program going for five years and make NAR-backed reforms–like matching premiums to flood risk, capping how much premiums can rise in a year, and making it easier for people to file an insurance claim. It would also make 1 billion dollars available to help homeowners reduce their flood risk.

Now it's up to the Senate, and it has to act soon. The program expires on December 8. We'll keep you updated as action unfolds.

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Don't get into legal trouble if you have a team working with you in your real estate practice. Dozens of states and the federal government have laws on the books regulating how you supervise your team, how you pay them, and what they can and cannot do based on whether they hold a real estate license. NAR Senior Counsel Finley Maxson looks at these issues in the latest Window to the Law video

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NAR Legal Affairs has posted a checklist you can use to make sure your team is structured in a way that keeps you in compliance with the law. Access that on nar dot REALTOR®.

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NAR released its latest home sales numbers–these are for October–and they show healthy housing markets around the country with one big caveat: tax reform. That's because what Congress does can have a big impact on home sales next year. Here's NAR Chief Economist Lawrence Yun with more.

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YOU can get details on the latest sales figure at the NAR Research section of nar.realtor.

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Now here's an announcement about a new free benefit you get as a member of NAR. The new benefit is from Trust Stamp, a company that has designed a web tool to help you stay safe before you meet a new customer. Here's how it works. You send a text or an email to a customer before you meet with them. In the email, they're asked to take a quick selfie and send that along with a picture of their driver's license or other government ID and a link to one of their social media pages. Within two minutes you get back a safety report from Trust Stamp. Here's Trust Stamp CEO Andrew Gowasack talking about his company's service with NAR CEO Bob Goldberg.

https://www.youtube.com/watch?v=HzRsxn4cJPY

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You can learn more about this new benefit at Trust Stamp dot RE.

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And that's our show for the week of November 20. You can get more on everything we talked about today at The Voice for Real Estate page on nar.realtor. Thank you for joining us and everyone here at NAR wishes you and your family a happy Thanksgiving. We'll be back after the holiday, Be sure to tune in then as we bring you the latest news on The Voice for Real Estate.

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