Federal Issues & Legislation

Flood Insurance Update
Federal
The two top lawmakers on the House Financial Services Committee reached an agreement to extend the National Flood Insurance Program another four months, the 11th short-term extension of this financially troubled program in less than two years.
NAR Urges Deduction for Rental Income
Federal

The Tax Cuts and Jobs Act includes a 20 percent deduction from the net business income of sole proprietors and owners of S corporations, partnerships, and limited liability companies.  The new deduction is intended to provide roughly the same tax rate cut the Act provided to regular corporations.  However, it is unclear whether owners of rental real estate will be able to claim the deduction.

Labor Rule Allows for AHPs
Federal

The U.S Department of Labor (DOL) has finalized its long-awaited Association Health Plan (AHP) rule to expand the definition of "employer" to include "working owners." This change allows real estate professionals and other self-employed individuals to participate in association health plans. A key provision, forwarded for inclusion in the rule by NAR, will allow many REALTORS® who have access to coverage through a spouse to be eligible to choose an AHP option.

Net Neutrality Officially Ends in U.S.
Federal

It’s official, as of Monday, June 11th, net neutrality has officially ended in the United States. Even after a vote by the U.S. Senate, the U.S. House failed to take a vote on legislation that would have prevented internet service companies from charging users additional money to see certain content.

House Passes Water Infrastructure Bill
Federal

A water infrastructure bill - H.R. 8, the Water Resources Development Act - easily passed the House on Wednesday, June 6, on a 408-2 vote. This legislation, known as WRDA, ensures the viability of the U.S. Army Corps of Engineers' Civil Works programs, including navigation, water resources management, recreation, infrastructure, flood control, mitigation and environmental stewardship. NAR supported passage of this legislation.

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