GOVERNMENT AFFAIRS
RASM’s Federal Political Coordinator’s Continuing Advocacy Work By: Max Brandow, RASM Government Affairs Director
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ypically, June’s Government Affairs article would be a summary of RASM’s annual trip to Washington D.C. for the NAR Legislative Meetings and Conference. Due to COVID-19, this year’s meetings were canceled, but your Federal Political Coordinators (FPC’s) are still working on behalf of the membership to make sure NAR’s 2020 legislative priorities are addressed by our two Congressmen. Bill Furst and Barry Grooms are NAR’s Federal Political Coordinators for Congressmen Vern Buchanan and Greg Stuebe, respectively. In addition to economic relief related to COVID-19, below are some of the topics they have been advocating for.
FEDERAL LEGISLATIVE PRIORITIES: TAX BENEFITS FOR HOMEOWNERSHIP:
The tax reform of 2017 eliminated a handful of incentives for homeownership. These eliminations of homeownership tax incentives prevent many middleincome, minority and millennial households from realizing a direct tax benefit to owning a home. ASSOCIATION HEALTH PLANS:
NAR supports reinstating the final 2018 regulation by the Department of Labor (DOL) to expand access to Association Health Plans (AHPs) and offer more affordable health insurance options for working owners, including real estate professionals. An AHP plan would be treated as a large employer plan under federal law, subject to different rules than plans in the individual and small group insurance markets that tend to be more costly and have fewer options. FLOOD INSURANCE:
Congress must pass a long-term reauthorization of the National Flood Insurance Program (NFIP) and include meaningful reforms that open the door to private market flood insurance and modernize flood mapping and mitigation investments. Flood insurance is required for a mortgage in more than 20,000 communities nationwide. Without flood insurance,
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property owners would have to rely on the Federal government for taxpayer-funded disaster relief after major floods. The program is set to expire on September 30, 2020. SBA LOAN PROGRAMS:
Requesting continued funding/extension of Small Business Loan Programs and Pandemic Unemployment Assistance. SECURE NOTARIZATION:
Cosponsor the Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2020 (S. 3533, H.R. 6463, the SECURE Notarization Act). This will allow our members to more effectively do business in a socially distanced world. 1031 LIKE-KIND EXCHANGE:
Since 1921, U.S. tax law has recognized that the exchange of one investment or business-use property for another of like-kind results in no change in the economic position of the taxpayer, and therefore should not result in the immediate imposition of income tax. Real estate investors and commercial real estate practitioners place a very high priority on retaining the current like-kind exchange rules. Some have suggested that the 1031 like-kind exchange is an unwarranted loophole and should be repealed. NAR is working with other interested stakeholders to oppose the repeal or limitation of the like-kind exchange provision and to educate Members of Congress and their staffs on the importance of this provision to the economy. • 1 | Source: National Association of REALTORS®, www.nar.realtor.
