Weekly Report
Weekly Report for May 16, 2025
Draft Federal Tax Bill shows Positive Signs for REALTORS® and Homeownership
On May 12, House Republicans on the Ways and Means Committee released draft text of their portion of federal tax reform legislation which provided positive steps toward strengthening homeownership including an increase in the state and local tax (SALT) deduction cap to $30,000, an enhanced qualified business income deduction, and preservation of the mortgage interest deduction and 1031 like-kind exchanges. These provisions reflect REALTOR® priorities to help strengthen homeownership. The bill must undergo a formal mark-up and amendment process, while SALT negotiations remain ongoing, so details could change prior to any vote. Read more here.
NY’s $25 billion housing plan creates over 60,000 homes ahead of schedule
Governor Kathy Hochul announced a total of 350,000 housing units statewide have been built or preserved since 2021, while the state’s $25 billion housing plan is progressing ahead of schedule creating over 60,000 affordable homes toward the goal of 100,000 units. The Governor also announced the release of a new state Online Dashboard for the public to track the progress of the housing plan. Read more here.
NYSAR opposes new real estate transfer tax proposal
This week, NYSAR staff met with State Senator Sean Ryan and Assemblymember Didi Barrett to discuss their legislation that would give localities across the state the authority to establish a new real estate transfer tax to support a local community housing fund (A.331/S.572). While NYSAR appreciates the intent of the bill, we oppose the increase in taxation on the transfer of real property which only makes home buying less affordable. NYSAR will continue to monitor this bill. Read NYSAR’s memo in opposition here.