The Senate Takes on the Tax Bill

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- Welcome to the Advocacy Scoop,
the podcast that takes you

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inside the advocacy work
of the National Association

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of Realtors connecting NAR members

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with their advocates in
Washington for a front row seat

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to the fight for public policy
that strengthens the ability

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of Americans to access property ownership.

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- And hello everyone. Welcome
to the advocacy Scoop podcast.

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It is a monumental week
in Washington dc I'm here

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with Shannon McGahn, our
Executive Vice President

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and Chief Advocacy Officer,

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and we're staring at the
capitol right now from NAR

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headquarters while the Senate
is debating the one big

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beautiful bill act, which is
of course the tax reform bill

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that we've been talking
about all year long, the,

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these kinds of weeks in dc You know, I've,

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I've been here since oh
seven, you were here a little

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before me, but you know,

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you remember these weeks like
I'll never forget the week

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Obamacare passed

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and you know, I was working
in the, the Rayburn building

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and I'll never forget John
Vayner going to the floor

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and taking that stack of papers
that was like four feet high

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and going down to the floor.

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And then they had this debate
about whether to cut him off.

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And it's like, no, he's a
speaker, he gets privileged.

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He, you know, it's just
like, I don't know,

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it's like these moments come to a head

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and you always remember them.

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- Yes. Having been here
since the 19 hundreds,

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there have been many of those debates

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and I think I erase them from memory.

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They become a lot of work.

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But yes, the energy is in the air.

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We have the advocacy team
on the hill doing these last

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minute meetings talking to folks.

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My commute this morning, we
had people going into meetings

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with the treasury secretary

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and with other key officials
still talking about

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what the salt negotiations
are going to be.

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So there's definitely that flurry

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as we are talking right
now, we're preparing to go

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to the White House for a big event

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that the president is hosting
with those key stakeholders

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who have provisions in
the bill that they like.

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And that includes what
we're working on here. Yeah.

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So this is going to be,

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and it's about 900 degrees
in DC this week. Oh

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- My God.

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So that's, oh, and even
in this, even this room

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where we're recording it,
Todd, it's, it's like nothing.

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I remember this heat wave and,

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and you know, just to set the stage here,

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votes on this bill are imminent
as we record this podcast.

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So any updates I will add at
the very end once we have them.

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So just know that we are
trying to bring this to you in

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as real time as possible
that a podcast can.

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What we have right now is
the Senate has the bill,

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it has passed the house.

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The Senate has now taken the bill

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through a process called
the Bird Bath Bird

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with a y why is it a y

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- The bird bath?

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That is something that is
mentioned quite a bit in the

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policy making process.

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And everyone in DC acts
like they know what it is.

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And very few actually
do Senator Robert Byrd.

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This is something that
was not just a policy

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or a rule in the Senate,

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but it is something that is codified.

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So it is just to make sure
that any type of procedure,

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so one of the provisions
that was going to go through

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that we support and we like
is Senator Mike Lee has a bill

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that would open up some
parts of federal land,

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not all federal land,
but parts of federal land

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that could be developed in order

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to create more housing opportunities.

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And that did not make
it through the process,

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the bird bath process, so it
was kicked outta the bird bath.

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- No,
- But that doesn't mean that those types

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of laws are then not able
to come up in other ways

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and can be deliberated again.

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And so, we'll, we'll find some other

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bites of the apple there. But,

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- So the flip side of
that is just to sort of

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50,000 feet like recap is, you
know, in order for this bill

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to pass the Senate with a
simple majority, it has to go

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through this process

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and make sure it's,
what's the word, germane

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or make sure that it's, it's,

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it's related to the budget process.

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So you can't just start
throwing in a bunch of writers

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and policy changes and

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things that aren't budget related. This

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- Is so legally blonde
too right now that yes,

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I feel comfortable using
legal jargon in everyday life

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as we take the bill to the hopper.

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So yes, that these are going to be germane

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to the budget parts of the bill

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and it is a very serious process

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and a lot of times as a former
house staffer, we can kind

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of roll our eyes at Senate procedure

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and think that it is simply
just a procedural or rule.

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But this is something
that is very relevant

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to the actual policy making.

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So we'll see how that process goes.

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But we know that the big
ticket items that we support

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and that we're thrilled

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that are in the bill are all

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looking like they're gonna stay intact.

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- Yeah. So the, the things

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that are getting tossed out
are pretty much not real estate

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related or at least the provisions

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that we were there are priorities.

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- Exactly. Exactly.

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And this timeframe is important

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because it has been
requested by the president

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and it has been pushed by house

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and Senate leaders to have
this done by the 4th of July.

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So a lot

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of folks have travel plans over
the fourth, as you could imagine.

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- Well you saw Senator Thune,
the majority leader, did

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that op-ed just a day

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or two ago, basically saying,

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you're not going home until this passes.

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And then you, as we know Shannon,
nothing motivates members

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of Congress like a
potentially missed holiday.

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- It's the smell of jet fuel

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that they're always seeking here.

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So we often see that many

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of these big ticket items are
passing right before holidays

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or right before big travel breaks

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because there's no minute, like the last

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minute to get things done.

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- Alright, well we're taking this,

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this bubble bath here with

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for the bill. So let's just take,

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- Don't you have a bird bath
camera in your yard. I do

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- Have a bird camera in my yard.

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It's the most entertaining thing

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that I've ever done in my life.

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Like I, it has consumed me,

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- But this has nothing to
do with Senator Robert Bird.

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- Well no, but I love a pun.

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So let's tick through some of
the real estate provisions.

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'cause as we just said, what
passed the house is not what's

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gonna be able to make
it through the Senate.

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So what passes the
Senate, which is imminent,

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is going to be the final bill.

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Is that, is that fair to say?

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- Yes. So we, that is, that is the goal.

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I don't think that the
House and the Senate

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and no one would really
bet on this, want to go

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to a full on conference here

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and then have to renegotiate
all of these items.

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So typically those
negotiations will happen so

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that the Senate bill becomes

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what the house can compromise with.

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- Alright, so first, first
real estate provision.

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Let's talk about qualified
business income deduction.

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So how, how does the
Senate version compare

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to what passed the house?

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- So what we've seen in the Senate,

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it keeps the qualified
business income deduction.

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So that's 1 99 A is what we're
commonly referring that to

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at the 20%.

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The house wanted to increase it to 23%.

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So the original base bill was 20

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and then it went up to 21, 23.

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We were all very
pleasantly surprised to see

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that usually those, those types
of tax breaks don't go up.

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But that did give them
some more negotiation room

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as it went through the Senate.

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So the Senate takes it
back to that 20%, which is

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what is the current law,

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but it also expands some of the phases,

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allowing some higher income taxpayers

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to benefit from it, which is a plus.

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And it also includes a new $400
minimum deduction for those

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with at least a thousand dollars.

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So that's another plus.

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So you're just basically making sure

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that more people can enter into
that pipeline of being able

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to use this tax deduction.

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- So two steps forward, one step back,

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- Maybe half a step is
- Isn't that a Pollad dual song?

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- I could sing every word
right now if you ask me to

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because opposites attract.

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- That's right. Well and also

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- It ain't fiction.

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Just a natural fact.

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- Well I'll just pause and
let you finish. Please don't.

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So well that's good.

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You know, two steps forward, one step back

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is still a step forward.

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Right, exactly. So, so we're, we're good

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- On, and it's what the
original baseline bill

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and what our original
request was to keep it at 20%

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and that's what is
maintained in the Senate.

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- If you're Paula Abdul, does
that make me the cartoon cat?

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- Oh it absolutely does.
That was a great video.

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- I know. Any, any eighties video

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with a cartoon in it like Roger Rabbit,

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why don't they bring that back?

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- There's still time.
- I know. There still time.

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Alright, let's go to the next one.

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Any differences in how the
mortgage interest is treated?

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'cause I know in the house
they, that this was one

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of our top fives, we,

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we preserved mortgage interest deduction.

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- Yes. So the deduction is
the same as in the House bill,

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but the Senate adds something important

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and it counts mortgage
insurance premium as interest.

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So that's a, a tweak, but a helpful tweak

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because that means more
that can be deducted

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and it makes that $750,000
mortgage interest deduction

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permanent, just like the
house bill does too. Cool.

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- Score for first time buyers.

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- Right. So, and not having to go back

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and forth every few years

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and find out if this number could change.

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- Well this bill seems
as a good opportunity

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for opportunity zone reform.

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- The opportunity zone, what
I did, there are plenty.

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And so yes, the Senate bill
also mirrors the House bill.

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In many ways we see a plus
in the Senate version,

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it mirrors the house bill,

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but also strengthens opportunity zones

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by making these tax incentives permanent.

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So opportunity zones were a key component

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of the 2017 Tax Cut and Jobs Act.

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There are many folks involved
in these negotiations

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who were the original creators

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of opportunity zones
like Senator Tim Scott,

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also HUD secretary,

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Scott Turner was working on
opportunity zones at the White

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House in the first Trump administration.

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So there's a lot of interest
there in making sure

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that these programs are continuing

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and the Senate pluses it up a little bit.

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- Awesome. Well let's talk
about affordable housing now

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and the, the low income housing credit

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because that was a big, big
win for us in the house version

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- E especially as we're
looking for new construction

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and building more housing

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that can help low income individuals

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and just create more inventory

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important to keep this in there.

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So this is a little different
from the house version,

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but it's also a bit more straightforward

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and like we said with the
other things, it's permanent.

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- Yes. And we will get into
the permanent versus temporary

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in our next episode

253
00:09:26,760 --> 00:09:31,110
because that is a huge
difference between this bill

254
00:09:31,110 --> 00:09:32,790
and the one that passed in 2017.

255
00:09:32,790 --> 00:09:35,970
- Absolutely. Yeah. The,
the 20 17 1 was designed

256
00:09:35,970 --> 00:09:37,380
to end at some point

257
00:09:37,380 --> 00:09:39,150
and knowing that this is the end

258
00:09:39,150 --> 00:09:40,740
to date making these permanent

259
00:09:40,740 --> 00:09:42,180
definitely help for investments.

260
00:09:42,180 --> 00:09:44,160
- All right. So how does this
senate version compare when it

261
00:09:44,160 --> 00:09:45,930
comes to the energy tax credits?

262
00:09:45,930 --> 00:09:49,650
Because the house bill
was gonna end them at,

263
00:09:49,650 --> 00:09:51,390
at the close of 2025.

264
00:09:51,390 --> 00:09:53,730
- Yeah, so that was one area
where there's a difference.

265
00:09:53,730 --> 00:09:55,650
So the house bill was going to put an end

266
00:09:55,650 --> 00:09:58,050
to energy tax credits for buildings.

267
00:09:58,050 --> 00:10:00,540
The Senate does extend
them until 12 months

268
00:10:00,540 --> 00:10:02,310
after the bill is enacted.

269
00:10:02,310 --> 00:10:03,990
So that is a slight plus

270
00:10:03,990 --> 00:10:06,390
and that gives more time for
folks to see how this is going

271
00:10:06,390 --> 00:10:07,980
to make an impact on those types

272
00:10:07,980 --> 00:10:10,200
of energy efficiency policies.

273
00:10:10,200 --> 00:10:12,000
- Alright, so if we were
gonna have a meeting

274
00:10:12,000 --> 00:10:16,410
of the SALT Caucus in the
Senate, nobody would show up

275
00:10:16,410 --> 00:10:19,320
because there isn't one, there's
no Republican in the Senate

276
00:10:19,320 --> 00:10:21,390
who represents one of the high tax states.

277
00:10:21,390 --> 00:10:24,120
So all the salt negotiation
happened in the house.

278
00:10:24,120 --> 00:10:26,670
You had the, the delegation
from California and New Jersey

279
00:10:26,670 --> 00:10:29,760
and New York, all the Republican
members there fighting

280
00:10:29,760 --> 00:10:32,880
for some salt relief,
they got it quadrupled.

281
00:10:32,880 --> 00:10:34,020
We were a big supporter of that.

282
00:10:34,020 --> 00:10:38,040
So, so how is the Senate tackling
the salt issue since there

283
00:10:38,040 --> 00:10:41,070
really isn't any champions per se

284
00:10:41,070 --> 00:10:42,840
on that side of the, the Capitol?

285
00:10:42,840 --> 00:10:45,690
- It does get to a matter
of different constituencies.

286
00:10:45,690 --> 00:10:47,100
And when you're looking at the house

287
00:10:47,100 --> 00:10:50,790
and you're seeing that a, a
house member is has, you know,

288
00:10:50,790 --> 00:10:52,590
hundreds of thousands of constituents

289
00:10:52,590 --> 00:10:54,180
and a much more defined area

290
00:10:54,180 --> 00:10:55,920
that you can see high cost areas,

291
00:10:55,920 --> 00:10:58,560
high tax areas being represented

292
00:10:58,560 --> 00:11:00,240
by both Republicans and Democrats.

293
00:11:00,240 --> 00:11:04,170
But when you look at the
Senate, I, I would push back

294
00:11:04,170 --> 00:11:05,640
and say that there are senators

295
00:11:05,640 --> 00:11:08,820
who are representing high cost salt states

296
00:11:08,820 --> 00:11:10,590
and that can be high property taxes.

297
00:11:10,590 --> 00:11:13,890
So one of the areas that's
not being mentioned as often

298
00:11:13,890 --> 00:11:16,500
as it should in this debate
is that this isn't just states

299
00:11:16,500 --> 00:11:19,500
that have high income taxes,
which are typically chalked up

300
00:11:19,500 --> 00:11:21,600
to California and New York

301
00:11:21,600 --> 00:11:23,310
or so-called blue states,

302
00:11:23,310 --> 00:11:26,130
that you can also have high
property taxes in places like

303
00:11:26,130 --> 00:11:27,750
Texas and Florida.

304
00:11:27,750 --> 00:11:29,460
We ran some numbers and have shared those

305
00:11:29,460 --> 00:11:31,080
with members of the SALT Caucus.

306
00:11:31,080 --> 00:11:35,340
And you have in particular
like Miami area, Dallas area

307
00:11:35,340 --> 00:11:38,130
where property taxes are very, very high

308
00:11:38,130 --> 00:11:42,990
and the median homeowner
is going to be able to hit

309
00:11:42,990 --> 00:11:46,050
that $10,000 limit pretty easily.

310
00:11:46,050 --> 00:11:48,930
So what we're looking
for here is to continue

311
00:11:48,930 --> 00:11:50,700
that $40,000 in the Senate bill.

312
00:11:50,700 --> 00:11:52,230
But if that is not something

313
00:11:52,230 --> 00:11:55,690
that's being negotiated
favorably, we have long called

314
00:11:55,690 --> 00:11:57,820
for ending the marriage penalty in salt.

315
00:11:57,820 --> 00:12:00,550
So if you are joint
filers that you can double

316
00:12:00,550 --> 00:12:02,770
that $10,000 deduction to 20,000

317
00:12:02,770 --> 00:12:07,060
and that would also capture a
lot of these high cost areas.

318
00:12:07,060 --> 00:12:08,710
So the other thing there,

319
00:12:08,710 --> 00:12:10,900
there've been talks about
adding things like a corporate

320
00:12:10,900 --> 00:12:12,910
salt and other types of pay fors

321
00:12:12,910 --> 00:12:15,490
and those haven't been moving anywhere.

322
00:12:15,490 --> 00:12:17,950
There's still plenty of time
for this to be negotiated

323
00:12:17,950 --> 00:12:19,000
before July 4th.

324
00:12:19,000 --> 00:12:21,370
But we do think that it'll be
one of the last ticket items

325
00:12:21,370 --> 00:12:24,640
that's discussed and in
conversations that we have had

326
00:12:24,640 --> 00:12:28,300
with Senate Republicans who
may not personally support this

327
00:12:28,300 --> 00:12:30,700
because they are living in low tax areas

328
00:12:30,700 --> 00:12:32,350
and their constituents
feel like they're unfairly

329
00:12:32,350 --> 00:12:35,740
subsidizing the high tax
areas by not having as large

330
00:12:35,740 --> 00:12:39,730
of deductions that they do
understand that this is an issue

331
00:12:39,730 --> 00:12:41,140
that needs to be addressed.

332
00:12:41,140 --> 00:12:42,970
If they do nothing on this at all,

333
00:12:42,970 --> 00:12:44,680
that salt provision expires completely

334
00:12:44,680 --> 00:12:48,040
and it goes back to you
can deduct 100% so right.

335
00:12:48,040 --> 00:12:49,600
It will be addressed one way or the other.

336
00:12:49,600 --> 00:12:52,120
And we do expect that it will
be increased from that 10,000.

337
00:12:52,120 --> 00:12:55,420
- Great. And and so to 40,000
now it's possible they keep

338
00:12:55,420 --> 00:12:59,140
that and tweak the
income limit, maybe lower

339
00:12:59,140 --> 00:13:01,600
that a little bit from 500,000 to 400,000.

340
00:13:01,600 --> 00:13:03,160
You know, I think they're
working all the knobs

341
00:13:03,160 --> 00:13:05,500
and and levers there. Levers, levers

342
00:13:05,500 --> 00:13:07,630
- I always think of like
the the the boom boombox

343
00:13:07,630 --> 00:13:09,400
that I had, the 1980s nineties

344
00:13:09,400 --> 00:13:10,990
and you're just looking at the equalizer

345
00:13:10,990 --> 00:13:13,450
and just trying to see
what that perfect sound

346
00:13:13,450 --> 00:13:14,685
for Paula Abdul is.

347
00:13:14,685 --> 00:13:17,230
Exactly. And you know, I
want a little more base here

348
00:13:17,230 --> 00:13:19,150
or actually her vocals are amazing

349
00:13:19,150 --> 00:13:20,290
so have some more trouble too,

350
00:13:20,290 --> 00:13:22,210
but that's what they're doing.

351
00:13:22,210 --> 00:13:24,130
So where they can shave
off a little bit here

352
00:13:24,130 --> 00:13:25,150
but then increase there

353
00:13:25,150 --> 00:13:27,340
and try to capture as many taxpayers

354
00:13:27,340 --> 00:13:28,540
in involved as possible.

355
00:13:28,540 --> 00:13:31,300
- Exactly. I saw her in
concert in Knoxville. You did?

356
00:13:31,300 --> 00:13:34,510
She waved at me from like
getting on the tour bus. Oh

357
00:13:34,510 --> 00:13:35,510
- She's amazing.

358
00:13:35,510 --> 00:13:36,490
- Me and the 10,000 people behind me.

359
00:13:36,490 --> 00:13:37,960
But it felt like it was me.

360
00:13:37,960 --> 00:13:39,905
- That's, I mean that's why she's amazing.

361
00:13:39,905 --> 00:13:41,950
- All right, so we had
something interesting

362
00:13:41,950 --> 00:13:44,425
that popped up in the
House pass version and,

363
00:13:44,425 --> 00:13:47,980
and they had these, they're
calling 'em Trump accounts,

364
00:13:47,980 --> 00:13:49,480
child savings accounts,

365
00:13:49,480 --> 00:13:50,950
that's how they're trying to brand it. But

366
00:13:50,950 --> 00:13:54,010
- Baby bonds,
- Baby bonds, I like baby bonds better

367
00:13:54,010 --> 00:13:55,060
anything with alliteration.

368
00:13:55,060 --> 00:13:59,320
So it's a thousand dollars
for newborns, is that right?

369
00:13:59,320 --> 00:14:02,230
- Yes. And it has to be born
after the bill is enacted.

370
00:14:02,230 --> 00:14:03,580
So if you're born

371
00:14:03,580 --> 00:14:05,140
after the enacted date,

372
00:14:05,140 --> 00:14:07,540
a thousand dollars goes into
the account coming from the

373
00:14:07,540 --> 00:14:10,450
federal government and
then you can contribute up

374
00:14:10,450 --> 00:14:12,100
to $5,000 a year

375
00:14:12,100 --> 00:14:15,550
and when it matures, when you
mature allegedly around 18

376
00:14:15,550 --> 00:14:19,630
to 25, you can use up to half
of that of those funds to pay

377
00:14:19,630 --> 00:14:20,890
for a down payment on a home.

378
00:14:20,890 --> 00:14:23,740
And then you can use up
to a hundred percent as

379
00:14:23,740 --> 00:14:24,970
you get a little bit older. So,

380
00:14:24,970 --> 00:14:28,330
- And this has been a long time
dream like down payments are

381
00:14:28,330 --> 00:14:31,030
a big impediment to first time
home buyers like saving up

382
00:14:31,030 --> 00:14:33,610
that down payment, especially
first generation home buyers

383
00:14:33,610 --> 00:14:35,290
who might not have inheritance

384
00:14:35,290 --> 00:14:38,530
or family wealth to help
them over that, that hurdle.

385
00:14:38,530 --> 00:14:41,170
So I just plugged this into
my magic computer machine.

386
00:14:41,170 --> 00:14:42,760
So you start with a thousand dollars,

387
00:14:42,760 --> 00:14:46,720
let's say you added
5,000 a year for 18 years

388
00:14:46,720 --> 00:14:48,190
with a 6% return rate.

389
00:14:48,190 --> 00:14:52,220
That's $166,000 when the turns 18.

390
00:14:52,220 --> 00:14:56,180
You can pay for college, you
can down payment for a home.

391
00:14:56,180 --> 00:14:59,480
Let's just say that you
contribute nothing to it.

392
00:14:59,480 --> 00:15:01,610
Let's just say you the thousand dollars

393
00:15:01,610 --> 00:15:04,040
and you didn't put anything else in

394
00:15:04,040 --> 00:15:07,070
after 18 years calculating ending balance

395
00:15:07,070 --> 00:15:08,900
around $3,000. Yeah, I mean

396
00:15:08,900 --> 00:15:10,670
- Yeah and that's,
that's something that is,

397
00:15:10,670 --> 00:15:12,200
is growing over the years

398
00:15:12,200 --> 00:15:15,560
and just as importantly, this
isn't down payment assistance

399
00:15:15,560 --> 00:15:18,800
where this is coming from
another taxpayer funded account.

400
00:15:18,800 --> 00:15:22,070
These are something that is
being earned by the individual

401
00:15:22,070 --> 00:15:23,390
and being contributed

402
00:15:23,390 --> 00:15:25,310
by their family members over those years.

403
00:15:25,310 --> 00:15:29,270
So it doesn't directly compete
with retirement accounts,

404
00:15:29,270 --> 00:15:30,470
college savings accounts

405
00:15:30,470 --> 00:15:34,520
and other things that are
designed to fund those priorities

406
00:15:34,520 --> 00:15:35,570
that we all have in life.

407
00:15:35,570 --> 00:15:37,040
This one can be used for housing.

408
00:15:37,040 --> 00:15:38,810
- Cool. Well I didn't mean
to get off on the whole side

409
00:15:38,810 --> 00:15:41,335
tangent on that, but I think
it's kind of a a a neat idea.

410
00:15:41,335 --> 00:15:42,620
- It's a good idea.
- It's a head start

411
00:15:42,620 --> 00:15:44,360
for every American child.

412
00:15:44,360 --> 00:15:46,340
- Exactly.
- Alright, well let's go on

413
00:15:46,340 --> 00:15:48,110
to our next real estate topic here.

414
00:15:48,110 --> 00:15:52,670
Any big red flags that you're
worried about in this bill?

415
00:15:52,670 --> 00:15:54,620
- Well I don't wanna jinx it Patrick.

416
00:15:54,620 --> 00:15:56,690
We still don't have this
over the finish line,

417
00:15:56,690 --> 00:16:01,040
but we have often spoken on
this podcast over the last year

418
00:16:01,040 --> 00:16:04,940
on what doesn't make it into
legislation is often just

419
00:16:04,940 --> 00:16:06,740
as big of a victory as what does,

420
00:16:06,740 --> 00:16:08,720
or sometimes it's even bigger.

421
00:16:08,720 --> 00:16:10,550
So what the Senate bill,

422
00:16:10,550 --> 00:16:14,690
just like the house version
does not include are any changes

423
00:16:14,690 --> 00:16:16,730
to 10 31, like kind exchange,

424
00:16:16,730 --> 00:16:20,300
- Applause track
- Every realtor member

425
00:16:20,300 --> 00:16:23,210
who has been working on
these issues as I've talked

426
00:16:23,210 --> 00:16:24,560
to realtors all the time who are like,

427
00:16:24,560 --> 00:16:28,040
I do these several times
a year where 10 31 is

428
00:16:28,040 --> 00:16:30,590
how people are able to
move without losing a huge

429
00:16:30,590 --> 00:16:31,730
chunk of their investment.

430
00:16:31,730 --> 00:16:34,040
And that is a, an incredible feature

431
00:16:34,040 --> 00:16:37,130
and something that we have
long fought to keep in tact

432
00:16:37,130 --> 00:16:38,210
and that is still there

433
00:16:38,210 --> 00:16:39,980
and it's always mentioned as a pay for,

434
00:16:39,980 --> 00:16:42,500
but it's not going to be in
this bill carried interest,

435
00:16:42,500 --> 00:16:45,110
which is a way for real
estate developers to make sure

436
00:16:45,110 --> 00:16:46,340
that they can put capital

437
00:16:46,340 --> 00:16:48,950
and their sweat equity into a project

438
00:16:48,950 --> 00:16:51,230
and not have to worry about paying taxes.

439
00:16:51,230 --> 00:16:53,480
So that was rumored to be something

440
00:16:53,480 --> 00:16:55,430
that would be removed in this go around.

441
00:16:55,430 --> 00:16:59,510
And it was not royalties on nonprofits.

442
00:16:59,510 --> 00:17:02,120
So many nonprofits including NAR,

443
00:17:02,120 --> 00:17:04,820
have what's called the
royalty revenue on a nine 90.

444
00:17:04,820 --> 00:17:05,990
And that's an area

445
00:17:05,990 --> 00:17:09,380
where if you have things like
partnership benefits or forms

446
00:17:09,380 --> 00:17:11,630
or others that there
could be some reporting

447
00:17:11,630 --> 00:17:12,860
but you don't pay taxes on that

448
00:17:12,860 --> 00:17:15,620
because it's an essential part
of that nonprofit business.

449
00:17:15,620 --> 00:17:18,650
There was in the original
draft legislation

450
00:17:18,650 --> 00:17:20,540
that there had been a
provision that would say

451
00:17:20,540 --> 00:17:23,390
that those would be taxed at
the normal corporate rate.

452
00:17:23,390 --> 00:17:25,460
And so that is something
that we talked about

453
00:17:25,460 --> 00:17:28,460
and mentioned that there may
be some other organizations

454
00:17:28,460 --> 00:17:32,810
that are much larger operators
in that area than we are,

455
00:17:32,810 --> 00:17:35,360
but it's a, it's an important
part of a nonprofit structure

456
00:17:35,360 --> 00:17:38,390
and something that's been
in the law for decades

457
00:17:38,390 --> 00:17:40,340
and shouldn't be impacted right now.

458
00:17:40,340 --> 00:17:42,500
And so that's no longer in the bill.

459
00:17:42,500 --> 00:17:45,680
Things like caps on business salt,

460
00:17:45,680 --> 00:17:47,660
they keep calling it
corporate salt sea salt

461
00:17:47,660 --> 00:17:50,850
because that sounds cute,
but business salt is really

462
00:17:50,850 --> 00:17:55,140
anybody who has, you can
be a sole proprietor LLC,

463
00:17:55,140 --> 00:17:58,290
it's not just corporations
they were looking at as a way

464
00:17:58,290 --> 00:18:01,320
to pay for salt to say okay
well the individual will be able

465
00:18:01,320 --> 00:18:02,760
to have a higher deduction limit

466
00:18:02,760 --> 00:18:05,190
but then we're going to
create a new deduction limit

467
00:18:05,190 --> 00:18:08,160
for businesses, which would
be very counterproductive,

468
00:18:08,160 --> 00:18:09,420
especially for those mom

469
00:18:09,420 --> 00:18:11,730
and pop housing providers
who are out there

470
00:18:11,730 --> 00:18:12,750
with just a few units

471
00:18:12,750 --> 00:18:14,310
and trying to make ends meet

472
00:18:14,310 --> 00:18:18,180
by paying property taxes on
those investments also increases

473
00:18:18,180 --> 00:18:19,530
to the top tax bracket.

474
00:18:19,530 --> 00:18:21,360
Those that, that did not
make it in there either.

475
00:18:21,360 --> 00:18:25,890
So there are many of those
avoided pitfalls in in this bill

476
00:18:25,890 --> 00:18:27,990
and a lot of positive items

477
00:18:27,990 --> 00:18:30,120
for real estate including
some of our top asks.

478
00:18:30,120 --> 00:18:31,410
- Okay, great. So to recap,

479
00:18:31,410 --> 00:18:34,710
we are talking about the
Senate version of the tax bill,

480
00:18:34,710 --> 00:18:36,720
which is gonna be voted on eminently.

481
00:18:36,720 --> 00:18:39,600
So the version we're talking
about is the one we presume

482
00:18:39,600 --> 00:18:42,150
will make it into law at the recording

483
00:18:42,150 --> 00:18:44,670
of this podcast at the
time of this recording,

484
00:18:44,670 --> 00:18:46,020
any updates to the bill?

485
00:18:46,020 --> 00:18:49,530
We will tack onto the end of
this episode when we have them,

486
00:18:49,530 --> 00:18:52,200
but this is the latest
information as of today.

487
00:18:52,200 --> 00:18:57,090
And so with that said is,
is closing time And Shannon,

488
00:18:57,090 --> 00:18:59,280
I think we have a couple

489
00:18:59,280 --> 00:19:02,010
of little fun scoops the
whole point of closing time

490
00:19:02,010 --> 00:19:03,540
as you give us the scoop on something.

491
00:19:03,540 --> 00:19:05,955
And so we have a couple
of little fun facts

492
00:19:05,955 --> 00:19:07,590
that you wanna brag about,

493
00:19:07,590 --> 00:19:09,060
- Advocacy, scoop scoop.

494
00:19:09,060 --> 00:19:14,010
So yes, earlier in June we had
our 2025 realtors legislative

495
00:19:14,010 --> 00:19:16,230
meetings, which were a great success

496
00:19:16,230 --> 00:19:18,750
and thanks to the thousands
of realtors who came

497
00:19:18,750 --> 00:19:21,935
to Washington DC we had
beautiful weather that week.

498
00:19:21,935 --> 00:19:22,935
- Oh
- I

499
00:19:22,935 --> 00:19:24,030
- It was the best wasn't it?

500
00:19:24,030 --> 00:19:26,670
- Yeah, it's been raining since
and we're a hundred degrees

501
00:19:26,670 --> 00:19:28,590
- So yeah, it's like Hells Inferno.

502
00:19:28,590 --> 00:19:31,830
- Yeah, so that was a,
it was a great week and

503
00:19:31,830 --> 00:19:35,580
because of the work of our
members, we held meetings

504
00:19:35,580 --> 00:19:37,770
with 95% of Congress.

505
00:19:37,770 --> 00:19:41,250
So more than 500 meetings
happened that week.

506
00:19:41,250 --> 00:19:44,790
And even before we got to
the hill, the advocacy team

507
00:19:44,790 --> 00:19:46,350
and our federal political coordinators

508
00:19:46,350 --> 00:19:50,190
and others had already met with
every newly elected lawmaker

509
00:19:50,190 --> 00:19:53,345
and logged in close to 600 meetings.

510
00:19:53,345 --> 00:19:55,260
- Wow.
- Earlier this congress

511
00:19:55,260 --> 00:19:57,990
- And like drum roll,

512
00:19:57,990 --> 00:20:01,110
the real estate caucus has
hit a huge milestone literally

513
00:20:01,110 --> 00:20:02,400
just like yesterday.

514
00:20:02,400 --> 00:20:04,200
- Oh yes, yes. So the Real Estate Caucus,

515
00:20:04,200 --> 00:20:08,910
which you all may recall was
formed last year announced

516
00:20:08,910 --> 00:20:13,680
at the legislative meetings
with a total of four members

517
00:20:13,680 --> 00:20:15,450
who launched it, two Republicans

518
00:20:15,450 --> 00:20:17,970
to Democrats from all over the country.

519
00:20:17,970 --> 00:20:20,910
So one of our asks as we
went into the meetings

520
00:20:20,910 --> 00:20:22,500
earlier in June is

521
00:20:22,500 --> 00:20:25,470
to join the bipartisan
Congressional Real Estate Caucus

522
00:20:25,470 --> 00:20:28,920
and now we have hit a
hundred members strong.

523
00:20:28,920 --> 00:20:33,240
So thanks to everyone for
that consistent engagement.

524
00:20:33,240 --> 00:20:36,570
And we have a hundred members
who have, may not be on,

525
00:20:36,570 --> 00:20:38,730
you know, the committees that
we're directly working with

526
00:20:38,730 --> 00:20:40,560
or may not even have a
real estate background,

527
00:20:40,560 --> 00:20:43,290
but most of them are just highly
interested in these issues

528
00:20:43,290 --> 00:20:46,380
and know how important it
is to their constituents

529
00:20:46,380 --> 00:20:48,370
and their, their local economy.

530
00:20:48,370 --> 00:20:50,680
And so it's a hundred
and it's still growing

531
00:20:50,680 --> 00:20:54,760
- And us both being house
people backgrounds, a quarter

532
00:20:54,760 --> 00:20:57,520
of the Congress does not
usually join a caucus.

533
00:20:57,520 --> 00:20:59,350
I mean they're very usually like,

534
00:20:59,350 --> 00:21:01,930
- Oh, it could be like the apple
pie and Mother's Day caucus

535
00:21:01,930 --> 00:21:03,520
and you're like, no thanks, I'm good. But

536
00:21:03,520 --> 00:21:04,520
- Right.

537
00:21:04,520 --> 00:21:05,560
So getting a quarter of the House

538
00:21:05,560 --> 00:21:08,500
of Representatives in a caucus
is a huge accomplishment

539
00:21:08,500 --> 00:21:09,880
- And it's very bipartisan.

540
00:21:09,880 --> 00:21:13,150
I think there are currently
more Democrats than Republicans

541
00:21:13,150 --> 00:21:16,150
on the caucus, which is
leading to some fun competition

542
00:21:16,150 --> 00:21:17,800
with the government advocacy team on

543
00:21:17,800 --> 00:21:19,840
how they can even up those numbers. So

544
00:21:19,840 --> 00:21:22,125
- Well rule rule of threes there.

545
00:21:22,125 --> 00:21:24,280
You have a third thing you wanna share

546
00:21:24,280 --> 00:21:25,960
with us here during closing time.

547
00:21:25,960 --> 00:21:27,790
And I love this because this is one

548
00:21:27,790 --> 00:21:29,650
of my favorite human beings in the world.

549
00:21:29,650 --> 00:21:33,250
- Norman Morris, our CEO
of the Louisiana Realtors,

550
00:21:33,250 --> 00:21:35,440
who has been a great supporter of all

551
00:21:35,440 --> 00:21:37,210
of our advocacy efforts.

552
00:21:37,210 --> 00:21:39,130
We are proud sponsors,

553
00:21:39,130 --> 00:21:41,410
NAR sponsors every year the congressional

554
00:21:41,410 --> 00:21:42,790
baseball game for charity.

555
00:21:42,790 --> 00:21:45,550
And this is a huge
bipartisan event where all

556
00:21:45,550 --> 00:21:48,640
of Nats Park is taken over by Republicans

557
00:21:48,640 --> 00:21:50,980
and Democrats battling
it out on the ball field

558
00:21:50,980 --> 00:21:54,070
and everyone enjoying a great game.

559
00:21:54,070 --> 00:21:56,680
And because we have a
fantastic relationship

560
00:21:56,680 --> 00:21:58,570
with House Majority
leaders, Steve Scalise,

561
00:21:58,570 --> 00:22:01,570
who has been a leader on the ball field

562
00:22:01,570 --> 00:22:05,050
and involved, we brought
in Norman Morris to come

563
00:22:05,050 --> 00:22:06,280
and be our special guest

564
00:22:06,280 --> 00:22:09,430
and he got to hang out with us
Speaker Mike Johnson as well,

565
00:22:09,430 --> 00:22:10,480
another Louisianan, Louisiana

566
00:22:11,350 --> 00:22:12,350
- Crew.

567
00:22:12,350 --> 00:22:13,780
They're a little bit lucky.
They've got Scalise and Johnson,

568
00:22:13,780 --> 00:22:14,800
- The crew and Yes, well,

569
00:22:14,800 --> 00:22:16,600
and Scalise is a little
busy out on the ball field,

570
00:22:16,600 --> 00:22:18,700
but he came up out of the dugout to come

571
00:22:18,700 --> 00:22:20,410
and visit with Norman and say hi

572
00:22:20,410 --> 00:22:23,410
and say thanks to NARI got
a call from Speaker Johnson

573
00:22:23,410 --> 00:22:25,360
during the game saying, appreciate all

574
00:22:25,360 --> 00:22:27,550
that NAR has done over many, many years

575
00:22:27,550 --> 00:22:28,780
to support the Capitol Police

576
00:22:28,780 --> 00:22:30,550
- Speaker sat with Norman, right?

577
00:22:30,550 --> 00:22:31,570
- Yes,
- Yes.

578
00:22:31,570 --> 00:22:33,040
- He sat with Norman

579
00:22:33,040 --> 00:22:35,500
and we have great pictures
behind the scenes of all

580
00:22:35,500 --> 00:22:37,570
of this on our social media channels,

581
00:22:37,570 --> 00:22:39,460
which is a good opportunity
to plug that. So

582
00:22:39,460 --> 00:22:42,165
- I love this, like Norman
flew back to, flew back

583
00:22:42,165 --> 00:22:44,230
to Louisiana on like Monday from RLM,

584
00:22:44,230 --> 00:22:45,910
from our midyear meetings
and then like turned

585
00:22:45,910 --> 00:22:47,890
around a day later and flew back to DC

586
00:22:47,890 --> 00:22:50,380
'cause to get to go to the,
the congressional game.

587
00:22:50,380 --> 00:22:52,690
- So, and he has his permanent
smile on his face already,

588
00:22:52,690 --> 00:22:54,670
but I just, when I thought
it couldn't get any bigger,

589
00:22:54,670 --> 00:22:58,300
but if you go to NAR realtor
party on Facebook, Instagram,

590
00:22:58,300 --> 00:23:00,580
or X, you'll be able to see some

591
00:23:00,580 --> 00:23:03,820
behind the scenes live updates
that we posted from the game

592
00:23:03,820 --> 00:23:05,440
and all kinds of other things

593
00:23:05,440 --> 00:23:07,575
that your advocacy group
is up to here in DC

594
00:23:07,575 --> 00:23:09,070
- And I'm gonna go down there later this

595
00:23:09,070 --> 00:23:10,750
year for a visit. So

596
00:23:10,750 --> 00:23:11,750
- To Louisiana.

597
00:23:11,750 --> 00:23:13,000
- Yeah, it's like the installation.

598
00:23:13,000 --> 00:23:14,410
- I think it'll be
cooler than it is here in

599
00:23:14,410 --> 00:23:16,030
DC right now, I'm sure.

600
00:23:16,030 --> 00:23:17,890
- Yeah, I hope so. Well
thank you so much Shannon.

601
00:23:17,890 --> 00:23:19,120
That wraps this episode.

602
00:23:19,120 --> 00:23:21,430
Next month we're gonna
have a special episode.

603
00:23:21,430 --> 00:23:25,390
We're calling it Beyond Big and
beautiful about NAR advocacy

604
00:23:25,390 --> 00:23:27,850
after the tax bill and what
we're going to be focusing on.

605
00:23:27,850 --> 00:23:29,050
This has been such a huge focus

606
00:23:29,050 --> 00:23:30,340
for us for the past couple of years.

607
00:23:30,340 --> 00:23:32,290
And so we'll have Shannon
take us into the future

608
00:23:32,290 --> 00:23:34,990
and see, see what's next in
the, in the world of advocacy.

609
00:23:34,990 --> 00:23:36,280
After this bill becomes lost.

610
00:23:36,280 --> 00:23:37,540
So we will see you next month

611
00:23:37,540 --> 00:23:39,100
and thank you very much for tuning in.

612
00:23:40,510 --> 00:23:41,980
So that's the scoop. Thank you

613
00:23:41,980 --> 00:23:43,990
to everyone listening to this podcast.

614
00:23:43,990 --> 00:23:45,230
Please be sure to subscribe

615
00:23:45,230 --> 00:23:47,510
and share wherever you get your podcast.

616
00:23:47,510 --> 00:23:49,070
And meet us right back here for more

617
00:23:49,070 --> 00:23:50,660
- Advocacy scoop next time.

618
00:23:51,950 --> 00:23:55,220
Realtors are members of
the National Association

619
00:23:55,220 --> 00:23:56,053
of Realtors.