District Work Period for Congress Underway
Parade and fair season is upon us and that means one thing in the world of government affairs: members of Congress are home for an in-district work period. Sometimes referred to as “recess,” district work periods are anything but recess for our U.S. representatives and senators.
This is a prime time for constituents to meet with their federal legislators, face to face, at community events or possibly at their local office(s). For Realtors®, if you get to chat with your congressman or congresswoman, there are 2 topics worth noting that are important to our industry: TRIA reauthorization and preservation of real estate tax provisions.
- TRIA – Lawmakers need to act quickly to reauthorize the Terrorism Risk Insurance Act (TRIA) of 2002, before it expires at the end of 2014. Terrorism risk insurance is critical to securing financing in commercial real estate; without it property values may drop and construction and development may stall. The federal backstop set up by TRIA has, for the past twelve years, insured that terrorism risk insurance is widely available and affordable at virtually no cost to taxpayers, and the reauthorization measure should not make big changes to a program which works. The Senate recently passed reauthorization legislation, and a similar bill was approved by the House Financial Services Committee.
- Preserve Real Estate Related Tax Provisions – Lawmakers must remember the vital role that real estate tax provisions play in the nation’s housing markets and economy. Several tax provisions vital to distressed homeowners and commercial real estate have expired and need to be extended. Tax reform is important but should first do no harm.
The National Association of Realtors® has prepared talking points to help guide you on the topics and the position of the Realtor® association. Take a moment to review by clicking on the bullet point titles above and if you have any questions, please contact our Government Affairs Director.Find Your U.S. Representative Find Your U.S. Senators