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Does the Debt Ceiling Affect Real Estate?
8/3/2011
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As you know, yesterday President Obama signed into law, S. 365, the Budget Control Act of 2011, more commonly known as the Debt Ceiling Bill. After careful analysis of the bill NAR staff can report that it contains NO DIRECT IMPACT ON REAL ESTATE TAX RULES OR SPENDING PROVISIONS. No tax laws of any kind were changed, nor were any housing programs cut. The bill passed the House and Senate on strong bipartisan votes: 269 – 161 in the House and 74-26 in the Senate. A potential debt default has been averted.
Once the Super Committee (the bi-cameral, bi-partisan committee of House and Senate members) is convened to recommend further debt and deficit reduction ideas, the next 100 days could be the most important part of the battle over Mortgage Interest Deduction and Carried Interest.
NAR will be actively engaged in lobbying Congress and will be reaching out to state and local associations, as well as REALTOR® members directly to engage their Members of Congress on the importance of preserving real estate tax provisions. Please respond to any and all calls for action that you receive in the coming days regarding these extremely important issues. Don't let Congress take away the American Dream.
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