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Government Affairs, Industry NewsNext 100 days important in MID battle
While many are breathing a sigh of relief that Congress has signed a debt ceiling agreement and it has no direct impact on real estate rules, it’s not time to relax yet.
NAR believes the next 100 days could be critical in the battle over Mortgage Interest Deduction (MID) and carried interest.
The debt ceiling legislation has created a new “Super Committee,” made up of 12 members (six from the House and six from the Senate) with equal representation from both Democrats and Republicans. This committee is tasked with finding $1.5 trillion in additional deficit reductions over the next 10 years, either through spending cuts or revenue increases. Failure to do so means automatic spending cuts will be triggered.
The Super Committee is on a tight deadline. Recommendations for reducing the deficit from other House and Senate committees must be made by October 14. The Super Committee must vote on a report with recommendations by November 23. If the committee is deadlocked, defense and other spending cuts will automatically be activated. A report is to be presented to the president, vice president, speaker of the house, and majority and minority leaders. Legislation reflecting this report must be introduced in the Senate two days later. Committees will have until December 9 to review and report back to the House or Senate and Congress is expected to dispose of the legislation no later than December 23.
Whew! Those are some tight deadlines.
That’s why it will be imperative for Congress to hear from Realtors® about the importance of preserving real estate tax provisions in the next 100 days. We all know that the Mortgage Interest Deduction (MID) is a valuable part of home ownership. With these wheels rapidly in motion, now’s the time to talk with federal legislators about these issues.
If you receive a NAR Call-for-Action in the next several weeks, please respond quickly. There is literally no time to waste in these next few months. Make your voice heard on this important issue.
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Derenda Updegrave is the Director of Public Policy and Political Affairs at the Pennsylvania Association of Realtors®. |
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Of course, every other interest group will be lobbying equally hard for their special exceptions. Therefore the super committee will end up favoring those who shout loudest. Politics as usual, in other words. Far better for no-one to say anything and let them do their work…..