Federal Update
Tax reform continues to morph – harms New York homeowners The U.S. Senate version of a tax reform bill was expected to be released on Thursday, Nov. 9, and will be carefully reviewed following the passage of last week’s House bill, which REALTORS are staunchly opposed to. The Senate’s version of a tax reform bill is also expected to severely harm New York’s homeowners by imposing a full repeal of state and local tax (SALT) deductions, rather than the cap on property tax deductions proposed by the House. Please take action today and tell Congress to preserve homeownership!
Statement from Elizabeth Mendenhall on the Senate Tax Reform Bill: https://www.nar.realtor/
Interactive Maps by Congressional District:
NEW: Impact of the $500,000 cap: https://public.tableau.com/profile/national.association.of.realtors#!/vizhome/Priceimpacr/PriceImpact
Average MID and Real Estate Deductions: https://public.tableau.com/profile/national.association.of.realtors#!/vizhome/AverageMIDRETbyCD/MID-RET-byincome
Average SALT deduction: https://public.tableau.com/profile/national.association.of.realtors#!/vizhome/SALTbyCD/SALTbyCD
Source: Hudson Gateway Association of REALTORS®