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NAR president praises Clinton tax proposals.

The tax package now before Congress is good for America, good for economic growth, and it should be enacted quickly, William S. Chee, president of the National Association of Realtors, said in Washington.

"The package recognizes housing and real estate as the primary engine for economic growth, and its enactment would be good nows for business owners, investors, home owners and all who would like to have a home or business of their own," Chee said.

President Clinton's tax bill, which was improved upon by the House Ways and Means Committee, is a balanced package that includes constructive provisions for both residential and commercial real estate and recognizes the needs of small business operators and self-employed persons, Chee said. He was one of several business leaders who joined Vice President Al Gore at a news conference on Capitol HUI last month.

Gore's news conference was held to show the business community's support for Clinton's tax package as the U.S. House prepares to consider it. At the end of last week, however, changes seemed imminent.

"The package would correct some imbalances that exist in the present tax system, but would not undermine justifiable reforms that were enacted in the 1980s. President Clinton and the Ways and Means Committee have fashioned a tax bill that makes sense for all of us," Chee said.

Among the NAR-supported real estate provisions in the tax bill are:

* Renewal and permanent extension of the Mortgage Revenue Bond, Mortgage Credit Certificate and Low-Income Housing Credit pragrams, which have proven successful in advancing home ownership opportunities for lower-and moderate-income Americans

* Passive loss modifications, which would allow real estate professionals to use their rental losses to offset real estate and other income. Thus, they would be treated in the same manner as all other business persons who incur business losses.

* Modification of debt restructing rules similar to those governing farmers. This would help keep troubled properties in private hands and ease pressure on financial institutions.

* Removal of barriers that currently discourage pension fund investments in real estate.

* Increased expensing of depreciable property for businesses from the current $10,000 cap to $25,000. This provision is of great importance to small business and self-employed persons

* Restoration and extension of the 25 percent deduction for health insurance premiums paid by self-employed persons to Dec. 31, 1993
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Title Annotation:National Association of Realtors president William S. Chee approves President Clinton's tax bill which includes provisions for residential and commercial real estate
Publication:Real Estate Weekly
Date:Jun 2, 1993
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