Rob Norquist, January 2020
Happy New Year!
With the new year comes goal setting and planning. Participation in the Association is very rewarding and creates networking opportunities to develop relationships with peers in the profession. There are many ways to participate, by attending meetings/events, participating at the committee level, and by reading the REALTOR® Coastal News for important topics. I would encourage everyone to attend one to two committee meetings this year and I certainly hope to see all of you at the Association meetings and events.
I also have great news to begin our 2020 calendar year, as your President I’m happy to share with you the following statement written by C.A.R. in response to the House passage of H.R. 5377, a bill that temporarily eliminates the cap on state and local tax (SALT) deductions for 2020 and 2021. The Restoring Tax Fairness for States and Localities Act would also increase the cap to $20,000 for married couples for 2019.
“We are pleased that the House has passed a bill to temporarily eliminate the cap on the amount of state and local tax that taxpayers can deduct on their federal tax returns. The combined hit of a reduction in the mortgage interest deduction and current $10,000 SALT cap in the tax law has disproportionately hurt taxpayers and real estate in California,” said C.A.R. President Jeanne Radsick, a second-generation REALTOR® from Bakersfield, Calif.
“Ensuring the tax code incentivizes housing and real estate will continue to be a top priority for REALTORS®, and C.A.R. thanks the many California Congressional members who support easing the double taxation penalty that harms California homeowners.”
We can certainly share this with our clients and hope that it passes in the Senate and the President signs the bill. This would be a benefit to all Californians.
Let’s keep focused on our yearly goals and make 2020 a fantastic year!
See you out there.