Update: Your Voices Were Heard!

TRIA Reauthorized! Thank you!

Thank you for taking action on last year’s Call for Action regarding the Reauthorization of the Terrorism Risk Insurance Act (TRIA). Because of your efforts, both the House and Senate carried through on their assurances that reauthorizing this important program would be one of their top priorities in the 114th Congress. It was the very first order of business in the House, and was taken up the following day by the Senate. The bill currently awaits the President’s signature into law.

TRIA provides a crucial framework for economic recovery in the wake of a catastrophic terrorist attack and allows the U.S. to maintain a stable terrorism insurance market so employers can invest in properties, create jobs and insure against losses due to a terrorist attack. The bill that passed is a 6-year reauthorization, keeping the TRIA program going through 2020.

When NAR speaks with one voice, the voice of over 1 million members, it can be a powerful force in protecting and promoting homeownership and property investment. TRIA Reauthorization was a top priority for us in the 114th Congress and with your help we were able to deliver.

Thank you for all that you do,

Chris Polychron, 2015 President

Update:  Your Voices Were Heard!

The House of Representatives passed a bill to renew the currently expired tax breaks for the year 2014.  H.R. 5771, the “Tax Increase Prevention Act of 2014” was passed by a 378-46 margin and will be sent to the Senate for consideration yet this week or next week.  NAR did send a letter in support of this bill, we are also continuing to push for an extension which includes 2015.  Thanks to your help and the response to the Call For Action we did keep the real estate related provisions in the legislation:

• Tax Relief from Mortgage Debt Forgiveness
• 15-Year Cost Recovery for Qualified Leasehold Improvements
• Election to Expense Certain Qualified Real Property
• Deduction for Energy Efficient Commercial Buildings.