On Wednesday, Feb. 26, 2014, the 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. In anticipation of the release, NAR sent a letter to all Members of the House on Monday reminding them of NAR’s priorities in tax reform.
Now that the draft has been released, NAR staff is carefully reviewing the contents to evaluate its impact on residential and commercial real estate and plans to share those findings with Congress. It is important to remember that the Camp bill is only a discussion draft and because of the political landscape and timeline, NAR does not believe any tax reform bill will become law this Congress. Please stay tuned for more details and analysis from NAR.