Realtors® Applaud Final Passage of Legislation to Extend Key Real Estate Tax Provisions

The Senate closed the 113th Congress last night by passing the tax extenders legislation but not extending the Terrorism Risk Insurance Program(TRIA). Below are NAR press releases addressing the tax extenders and TRIA:


Realtors® Applaud Final Passage of Legislation to Extend Key Real Estate Tax Provisions  |  WASHINGTON (December 17, 2014) – The following is a statement by National Association of Realtors® President Chris Polychron:

“The package of tax extensions approved by the U.S. House and Senate, and headed to the President’s desk for signature, includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014. NAR applauds Congressional leaders in both chambers for their effort to pass this legislation before adjournment.

“Realtors® strongly supported the bipartisan Mortgage Forgiveness Tax Relief Act, which was included in the package to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed. We are grateful to Sens. Debbie Stabenow, D-Mich., and Dean Heller, R-Nev., and Reps. Tom Reed, R-N.Y., and Charlie Rangel, D-N.Y., for championing the provision.            

“The legislation also includes one-year extensions of the 15-year depreciation schedule for leasehold improvements and the deduction for improvements to energy efficient commercial buildings.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
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Senate abruptly wraps up, capping least productive Congress in modern history
By Ed O'Keefe and Sean Sullivan December 16 at 10:51 PM   

The least-productive Congress in modern history drew to an abrupt close late Tuesday as the U.S. Senate extended dozens of expired tax breaks but failed to renew a federally backed terrorism insurance program supported by big businesses and major sports leagues.  http://wapo.st/1DJp2cW





Realtors® Disappointed Senate Failed to Reauthorize Federal Terrorism Risk Insurance Program  |  WASHINGTON (December 17, 2014) – The following is a statement by National Association of Realtors® President Chris Polychron:
 
“The U.S. Senate’s alarming failure to renew the federal terrorism risk insurance program before adjournment will stall commercial real estate development around the country. The Senate missed an opportunity to approve a six-year reauthorization of the Terrorism Risk Insurance Act, which passed the U.S. House of Representatives with overwhelming bipartisan support.

“TRIA provides a crucial framework for economic recovery in the wake of a catastrophic terrorist attack and allows the U.S. to maintain a stable terrorism insurance market so employers can invest in properties and create jobs without assuming the risk and liabilities of a terrorist attack. Terrorism risk insurance is also a requirement of many existing commercial mortgage balances, so those whose coverage will lapse at the expiration of TRIA will be in technical default of their mortgage terms.

 “Without action, terrorism insurance will become scarce and expensive, causing construction projects to stall, commercial property values to drop and the ongoing economic recovery to slow. Realtors® will work closely with Congress in the new year to swiftly reenact TRIA and provide much needed certainty to the market.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
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Information about NAR is available at www.realtor.org. This and other news releases are posted in the “News, Blogs and Videos” tab on the website.

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