C.A.R. Opposes Tax on Home Buyers in Senate Highway Transportation Bill

Bill would put tax burden on home buyers, hinder future efforts at mortgage finance reform

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Jul 28, 2015, 12:31 ET

LOS ANGELES, July 28, 2015 /PRNewswire-USNewswire/ -- The CALIFORNIA ASSOCIATION OF REALTORS® is opposing a provision in the highway bill now being considered by the U.S. Senate that taxes home buyers by increasing the fees Fannie Mae and Freddie Mac charge on their loans. This provision would extend a tax on homeowners that Congress implemented in 2011, which C.A.R. opposed at the time.

"C.A.R. opposes this provision because home buyers are being forced to offset the costs and take on this tax burden," said C.A.R. President Chris Kutzkey. "Not only will it increase the cost of homeownership and make it more difficult for a buyer to purchase a home, it will hinder future efforts at mortgage finance reform."

Leading the way...® in California real estate for 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 175,000 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