LOS ANGELES, Dec. 19, 2019 /PRNewswire/ -- The CALIFORNIA ASSOCIATION OF REALTORS ® (C.A.R.) today issued the following statement 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."
Leading the way... ® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)