NAR on Blank Slate Tax Reform: 'Do No Harm'

July 10, 2013

The National Association of REALTORS® today is asking its members to let their senators know that real estate tax provisions are critical to the economy and should remain high on lawmakers’ priority list as they take a blank slate approach to tax reform.

NAR is issuing a Call for Action to its members that emphasizes the need for any tax legislation to do no harm to the economy by retaining the deductions for mortgage interest and property taxes, the capital gains exclusion on proceeds from the sale of a principal residence, and extension of mortgage cancellation relief. Also emphasized are deprecation rules and the continued tax-deferred treatment of 1031 exchanges.

Under the blank-slate approach to tax reform announced by the leadership of the Senate Finance Committee recently, senators are asked to start from scratch and identify the provisions they want to keep in the Tax Code. Sen. Max Baucus (D-Mont.), the Finance Committee chair, says he'd like to start developing a bill this fall.

NAR staff professionals explain the blank-slate approach to tax reform in this short video interview with REALTOR® Magazine.