Federal tax reform draft released

On Wednesday, February 26, Chairman of the House Ways and Means Committee Dave Camp (R-MI) released his long-awaited discussion draft for comprehensive reform of the tax code. The National Association of REALTORS (NAR) has issued a statement in opposition to the draft stating: "We are extremely disappointed with several of the provisions contained in U.S. House Ways and Means Chairman Dave Camp’s tax reform draft released today, namely proposed limits on the mortgage interest deduction and capital gains, and the repeal of deductions for state and local property taxes. These proposed changes to the taxation of real estate will impact every single American, either directly or indirectly.

"NAR will carefully analyze the details of the chairman’s plan so we can best educate Congress and the public about how this plan would impact the owners, consumers and producers of both residential and commercial real estate."

For more information on the latest developments relative to the draft tax reform proposal, click here.