The draft legislation proposed by NAR advocates for the housing economy includes significant provisions like making lower income tax brackets permanent, increasing the SALT deduction limit for households under $400,000, and raising the Qualified Business Income deduction for small business owners. While it has strong support, including from voters who favor changes to the SALT caps, the bill is considered a preliminary draft. As it progresses, there are concerns about maintaining affordability amid a critical housing supply shortage, highlighting the real estate sector's crucial role in the U.S. economy.
This is a very strong opening bid for our advocacy priorities. This draft language preserves or strengthens a raft of provisions vital to housing affordability, including making the current lower income tax brackets permanent, said Shannon McGahn, executive vice president and chief advocacy officer at the National Association of Realtors (NAR).
A national poll commissioned by NAR in April showed that 61% of voters support increasing or eliminating SALT caps, and 74% say double taxation fairness is a compelling reason to do so.
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