Big News On Tax Reform

In the anticipation of passage of the final tax reform package late tonight or night or early tomorrow morning, Washington REALTORS® President Margo Willis issued the following statement:
The Senate passed the "Tax Cuts and Jobs Act" early Wednesday morning on December 20th. Washington REALTORS® President Margo Willis issued the following statement:

“While this bill is significantly better for homeowners than the original proposals from the House and Senate,  we still have some concerns that it could add to the affordability challenges in our largest counties. That said, we appreciate that Congress listened to NAR and 1.2 Million REALTORS nationwide and added several housing priorities to the final product. Major REALTOR-supported improvements include maintaining the treatment of capital gains on the sale of a home and the preservation of deductions for second homes, both of which will help many homeowners and communities in our state. The bill’s positive changes for commercial real estate will help maintain real estate as a major economic driver in Washington State, and we are grateful that certain provisions beneficial to real estate professionals also survived the reconciliation process.

We appreciate theleadership of NAR President Elizabeth Mendenhall and thework of Senators Patty Murray and Maria Cantwell- both of whom served on the conference committee- for their work to make sure that Washington State homeowners were protected as much as possible in the final product. Washington REALTORS will continue working with our state legislators and city and county councils on efforts to improve housing affordability- a crucial challenge in our state.”

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