ADVOCACY

Essential Service

NAR worked across state lines and with federal agencies to protect real estate as an essential service, keeping transactions moving during lockdowns

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Small Business Rescue Loans and Grants & Simplified Forgiveness

One-in-five NAR members reported taking out a Paycheck Protection Program loan in 2020, and the newly created Economic Injury Disaster Loan program with $10,000 forgivable grants also served as a lifeline for many businesses, including REALTORS®. Once loans began to flow, NAR pushed for simplified forgiveness applications that covered most of our members. A one-page simplified application brought relief to many small business owners who did not have the resources to manage volumes of paperwork.

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Tax Benefits

 range of tax benefits important to real estate were extended at the end of the year, including a provision that excludes from taxation any income from mortgage debt forgiveness through 2025; deductions for energy-efficient commercial building improvements and mortgage insurance premiums; and credits for energy-efficient homes.

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1031 Like-Kind Exchanges

IRS to delay looming deadlines for 1031 like-kind exchanges.

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Opportunity Zones

Opportunity Zone investments also got a reprieve from pre-pandemic deadlines, which was another much-needed boost for commercial members.

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REALTORS® Effort Pushes Virginia to Top in Nation for Rent Relief

Thanks to the efforts of Virginia REALTORS®, Virginia has been recognized by the U.S. Department of Treasury as the top state for distributing rent relief payments to landlords and tenants. Virginia was one of the first states to establish a rent relief program in the early days of the COVID-19 pandemic.

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Short Term Rentals

HRRA continues to work towards fair and reasonable legislation regarding short term rentals