Weekly Report

Government Affairs Update for Oct. 13, 2017

GOP lawmakers continue talks towards compromise on state, local tax deduction
Politico reports that recent discussions amongst Republican lawmakers in Washington have involved proposals capping the deduction on those with incomes between $200,000 to $400,000, or phasing out the deduction based on income level. Lawmakers from New York and New Jersey have argued that their constituents contribute a greater share of federal tax revenue but get less back than those from lower-tax areas, and would be extremely harmed if the state and local tax deduction was eliminated. A decision won’t be revealed until a tax bill gets introduced, according to Ways and Means Chairman Kevin Brady (R-Texas). Read more here.

NYSAR to meet with NY elected officials in D.C. on tax reform
NYSAR President Dawn Carpenter and leadership will visit New York Congress members and Senators in Washington D.C. urging them to protect the state and local tax deduction as well as the mortgage interest deduction and the preservation of 1031 like-kind exchanges as tax reform negotiations continue. NYSAR has been vocal on this issue since May of this year during its annual Lobby Day in Albany.

Ithaca REALTORS oppose town board real property restriction proposals
Ithaca REALTORS have expressed their opposition to a proposed law issued by the Town Board of Ithaca that would require all new two-family buildings and accessory dwelling units (ADU) to be owner-occupied (either in the ADU or the primary unit), and to mandate that all properties in the town with an ADU have a rental operating permit. View the town board’s proposals to learn more.

NAR reviews health care executive order
NAR has long supported legislation enabling the creation of Association Health Plans (AHPs), as well as other similar efforts to expand health insurance options for REALTORS. While the executive order’s AHP provision does not appear to apply to independent contractors, NAR will continue to work with the administration and Congress on regulatory and legislative changes needed to make Association Health Plans a workable option for REALTORS. Read more here.

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