U.S. Senators are considering sweeping tax reforms … and they’re starting with a blank slate. That means any current exemption, deduction, or credit in the tax code must be specifically presented to the Senate Finance Committee by July 26, or it will disappear.
Each Senator has been asked to submit, in writing, any tax expenditures they wish to see kept in the code. Senators have until July 26 to submit the requests to the Finance Committee. Once all submissions are received, we believe, the professional staff of Senate Finance Committee will begin drafting a tax reform package. The drafting of the package will occur during the August congressional recess. The expected goal is for the Committee to present a completed draft for review and possible legislative action in September.
How will this process affect property owners?
There are a wide range of provisions in the tax code that affect residential, investment, and commercial real estate. REALTORS® will be taking the lead in ensuring that each of those tax provisions is defended. In the coming days we will work with our friends in the United States Senate, as well our allies in other real estate associations to identify champions for each provision. Additionally, we will be on the offense working to improve certain provisions or make some temporary provisions permanent.
How You Can Help?
It’s very easy to respond to this Call For Action, so please take one minute to let Sens. Cornyn and Cruz know that any tax reform should do no harm. This minute out of your day could save you thousands of dollars per year!
Consumers please contact Senator Cornyn’s and Senator Cruz’s offices directly using the following contact information:
Sen. John Cornyn
Sen. Ted Cruz
Phone: (202) 224-5922