Direct Seller and Real Estate Agent Harmonization Act; More Homes on the Market Act; NAR-Supported Bills to Increase Housing Development
Locally, we seem to be in the late summer post-primary calm before the political storm leading up to election day. So this week, we turn our attention to Capitol Hill where the National Association of REALTORS (NAR) has been advocating to protect real estate professionals’ independent contractor status, increase homes for sale, and increase housing development.
1. Direct Seller and Real Estate Agent Harmonization Act to Ensure Real Estate Agents Maintain Their Independent Contractor Status
One of NAR’s lead REALTOR Priorities is advocating for legislators to cosponsor the “Direct Seller and Real Estate Agent Harmonization Act (House Resolution (H.R.) 5419) which would amend the Fair Labor Standards Act to include the text: “The term ‘employee’ does not include any direct seller or qualified real estate agent (as such terms are defined in section 3508(b) of the Internal Revenue Code of 1986).” This would ensure real estate agents' ability to choose their preferred business classification.
2. More Homes on the Market Act to Increase Homes for Sale
NAR is advocating for the bipartisan bill “More Homes on the Market Act” (H.R. 1321) to incentivize more long-term owners to sell their homes by increasing the amount of capital gains a homeowner can exclude on the sale of a principal residence from $250,000 to $500,000 for individual tax returns and from $500,000 to $1,000,000 for certain joint returns and annually adjusting it for inflation.
3. NAR-Supported Bills to Increase Housing Development
NAR is advocating for numerous bills at the federal level to help incentivize develop and redevelop of residential housing. Current priority bills include:
- Neighborhood Homes Investment Act (Senate (S.) 657 and H.R. 3940) offers tax credits for building and rehabilitating owner-occupied homes. This incentive to build and rehabilitate homes for low- and moderate-income homeowners can fill the gap in areas where it is often more expensive to develop and rehabilitate than appraisal values will support.
- Revitalizing Downtowns and Main Streets Act (H.R. 9002) provides a temporary investment tax credit to incentivize the conversion of commercial buildings into residential units.
- Yes In My Backyard (YIMBY) Act (S. 1688 and H.R. 3507) would require communities receiving community development block grant (CDBG) funds to report to the Development of Housing and Urban Development (HUD) how they are implementing pro-growth policies to help remove barriers at a local and state government level for housing development.
Click here for more information on these and other legislative priorities being advocated for by NAR and REALTOR member Federal Political Coordinators (FPCs) on Capitol Hill.