Tax reform headed to conference committee; changes still possible
With passage of the Senate tax bill last week, the House and Senate will now come together in a conference committee to iron out differences in their respective tax bills. Despite concerns that the process is moving too quickly and not allowing for proper review of the bills, GOP leaders are sticking with their tight timeline and hope to have a bill on the President’s desk by Christmas.
Here’s a look at how the tax reform now under consideration by the conference committee will impact homeowners in Washington. With 22.7% of mortgages over $500,000 in our state in 2016, Washington homeowners and potential homeowners could face real, tangible loss in tax savings and property values. Both Senators from the state of Washington, Patty Murray and Maria Cantwell, have been named to the conference committee.
REALTORS® across the country have made their voices heard on this issue; and while both the House and Senate bills contain provisions that will hurt some middle-class homeowners, REALTOR® engagement has helped positively influence tax reform in some key areas. For example, both the House and Senate versions now maintain deductibility of state and local property taxes up to $10,000 – previously, the Senate bill eliminated the deduction for property taxes. Both versions still eliminate deductions for state and local income and sales taxes.
It is not too late to influence tax reform. REALTORS® still have an opportunity to make the tax reform bill more favorable to homeowners and consumers. Contact your Senators and Representatives today and encourage your fellow REALTORS® to take action.