2 minute read
Government Affairs
Important Tax Updates & RPAC Major Investor Campaign
By: Max Brandow, RASM Vice President of Advocacy and Member Programs
Congress has recently passed legislation that affects the way we do business in the real estate industry. Thanks to several proreal estate initiatives, we have a lot to be thankful for.
RASM-SUPPORTED SURTAX RENEWAL ESSENTIAL FOR COUNTY VOTERS TO PASS
REAL ESTATE INDUSTRY DODGES TAX HITS IN INFLATION REDUCTION BILL
Last month, Congress passed the Inflation Reduction Act on party lines. Throughout the negotiations, a handful of tax increases affecting the real estate industry were considered. Although, in its final form, NAR, working with our Pro-Realtor® members of Congress, was able to eliminate nearly all but one of those taxes. The one provision pertaining to our industry was the tax treatment of carried interests; this is a tool often used by partnerships in real estate, VC Firms, and private equity.
NAR, in conjunction with other real estate coalition groups, lobbied Senators advocating the carried interest provision be eliminated from the bill. Fortunately, a Pro-Realtor® Senator offered a successful amendment to delete the provisions and replace it with a loss-limit tax offset that would only pertain to a handful of real estate entrepreneurs.
Taking into account, all the proposals we’ve seen over the last few years which would increase real estate taxes, the final version of this bill is an excellent outcome for our industry. As always, the final bill could have made more of a positive impact on real estate, but ultimately, the Realtor®-world dodged some very expensive bullets when all was said and done. RPAC “I PLEDGE” CAMPAIGN & MAJOR INVESTOR PLEDGE PARTY
RASM has recently kicked off RPAC’s “I Pledge” campaign for Major Investors. RASM will host an exclusive Major Investor Pledge party this month on Monday, September 26, at Sarasota Waterworks, with special guest Kenny Parcell. Mr. Parcell is the 2023 NAR President, an RPAC Major Investor, and a leader in the Realtor® world. Make sure to pledge today here: www.myrasm.com/public-policy/realtor-party/ major-investor-pledge/ and secure your spot in this event! Please note, this event is only for existing Major Investors and new Major Investor pledges.
RASM’s RPAC Major Investors are an elite and passionate group of Realtors® whose investments shape the political future of the real estate industry. By becoming a Major Investor, you are investing a minimum of $1,000 into RPAC. Pledge to invest in your profession!
RASM and a diverse coalition of community partners are supporting and campaigning for the upcoming surtax renewal in Sarasota County. We need our RASM membership to support and get the word out about the importance of this vital funding source for Sarasota County.
FAST FACTS: Tourists and visitors provide over 20% of the funds collected from Penny for Improvements. It sustains and improves our public safety, water quality, environment, traffic congestion, parks, and more. It prevents crises and improves our quality of life and well-being. This is a referendum that is voted by the people. It is not new but a continuation of a revenue source that has been in effect for over 32 years. Our citizens monitor and oversee how its funds are allocated. It must be voted on every 15 years.
This November, make sure to vote YES on the surtax and surtax bonding questions! For more information, head over to www.pennyforimprovements. com. •
