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BOTH THE TEXAS ASSOCIATION AND NATIONAL ASSOCIATION OF REALTORS ARE CONCERNED ABOUT THE TAX BILLS FROM THE HOUSE AND THE SENATE. HERE’S WHY…

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TAX REFORM BILLS PASS SENATE FINANCE AND HOUSE
On Thursday, the House voted 227-205 in support of H.R. 1, “The Tax Cuts and Jobs Act” after four days of debate. The National Association of REALTORS® remains opposed to this legislation due to its harmful impact on homeowners. NAR issued a strong statement against H.R. 1 that reads, in part:
“Make no mistake, middle-class homeowners will see their home values fall if this proposal moves forward, while large corporations walk away with the bulk of the tax cuts. American homeowners shouldn’t have to pay for corporate tax cuts with their home equity.”
Then Thursday night, the Senate Finance Committee voted 14-12—along party lines—to approve their version of the tax reform package. The bill next heads to the Senate floor, where the Senate is expected to take action sometime after the Thanksgiving break. But that won’t be the end of it. Once the Senate passes its bill, it’s highly likely that the two chambers will go to conference committee to hash out differences. Here is a side-by-side comparison of the House and Senate tax reform legislation.
WHAT H.R. 1 MEANS FOR TEXAS
The Texas Association of REALTORS® has worked proactively to analyze the impact that early tax reform proposals (“The Blueprint” and “The Framework”) and H.R. 1 would have on Texas homeowners.
SEVERAL PROVISIONS IN H.R. 1 WILL PARTICULARLY IMPACT TEXAS:
• Cap on state and local property tax deductions at $10,000. TAR’s analysis found 61 ZIP codes in Texas whose average 2015 local property tax deduction exceeded $10,000. These communities are spread across the state, including in Dallas-Fort Worth; the Houston, Austin, and San Antonio areas; and in El Paso and Corpus Christi
• Cuts the mortgage interest deduction (MID) in half. The bill caps MID at $500,000 of mortgage debt for new loans, a decrease from the current $1 million limit.
• Will hurt relocations, such as active duty military service members. Currently, homeowners who sell can exempt a portion of the capital gains from taxation if they’ve lived in the home for two of the past five years—H.R. 1 would increase this requirement to five of the last eight years. In addition, taxpayers would no longer be able to deduct moving expenses.
Check out the analyses and other timely tax reform resources at texasrealestate.com/taxreform.
BIG STEP FORWARD FOR NFIP EXTENSION
On Tuesday, the U.S. House of Representatives passed (237-189) the 21st Century Flood Reform Act, which aims to reform and reauthorize the National Flood Insurance Program. The program is responsible for providing the vast majority of flood insurance policies in thousands of communities nationwide, many of which are in Texas.
The bill’s reforms include reauthorizing NFIP for five years, authorizing $1 billion to elevate, buy out, or mitigate high-risk properties, capping flood insurance premiums at $10,000 per year for homeowners, improving the claims process for flood victims. You can read more on nar.realtor.
The opinions stated here are that of the authors and not The Post Newspaper.

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