NATIONAL ASSOCIATION OF REALTORS ISSUES STATEMENT ON SENATE PASSAGE OF H.R. 11
NATIONAL ASSOCIATION OF REALTORS ISSUES STATEMENT ON SENATE PASSAGE OF H.R.
11 WASHINGTON, Sept. 30 /PRNewswire/ -- Following is a statement by Dorcas T. Helfant, president of the National Association of Realtors, regarding the Senate passage of H.R. 11: We applaud the U.S. Senate's 70-29 vote yesterday to pass H.R. 11. This tax legislation contains a host of provisions that will help to stabilize real estate values and promote home ownership. If enacted, this critical legislation would go a long way toward letting real estate assume its traditional role in reviving the economy. Among the NAR-supported provisions in H.R. 11, "The Revenue Act of 1992," are: -- A $2,500 tax credit for those who purchase their first home after July 27, 1992, but before January 1, 1993; -- Passive loss tax law corrections; -- Penalty-free withdrawals from Individual Retirement Accounts for individuals making a first-time home purchase; -- Extension of the mortgage revenue bond (MRB), mortgage credit certificate (MCC) and low-income housing credit programs; -- New incentives for the nation's pension funds to invest more capital in real estate. As the bill goes to a House-Senate Conference Committee today, we urge conferees to retain these provisions along with a few improvements contained in the House version of the bill. Specifically, we would like to see the passive loss and MRB/MCC provisions of the House bill in the final law. While the Senate passive loss plan is a major step forward from current law, it falls short of placing real estate professionals on the same playing field as other business people. The 1986 Tax Reform Act created the passive loss tax law provisions, which left real estate practitioners the only business professionals not permitted to aggregate business losses and use them to offset their income. Regarding the MRB/MCC/low-income housing credit provision, the House version is preferable because it would make the programs permanent, as opposed to the Senate's 15-month extension. The House and Senate are to be commended for putting many of their partisan differences aside to fashion a bill that is in the nation's best interest. We hope that the conferees, as well as President Bush, will continue with this "high-road approach" and bring this legislation to fruition. NAR, "The Voice for Real Estate," is the nation's largest trade association, representing nearly 750,000 members involved in all aspects of the real estate industry. -0- 09/30/92 CONTACT: Liz Duncan, 202-383-1043, or Trisha Morris, 202-383-7560, both of the National Association of Realtors CO: NATIONAL ASSOCIATION OF REALTORS SU: LEG ST: DC -- DC014 -- X425 09/30/92
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|Date:||Sep 30, 1992|
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