What Is or Isn't Law

1. 

   RPAC helped extend the Mortgage Forgiveness Debt Relief Act through Jan. 1, 2014. This will help home owners or sellers who have a portion of their mortgage debt forgiven by their lender, typically in a short sale or foreclosure sale for sellers and in a modification for owners. Without the extension, any debt forgiven would be taxable, which, for underwater households, represents a financial burden.

2. RPAC helped pass a five-year extension of the National Flood Insurance Program, ensuring access to affordable flood insurance for homeowners across the country and here in Illinois.

3. Banks banned from real estate brokerage. As of March 11, 2009, banks are permanently prohibited from entering the real estate brokerage and management business.

4. Short sales, foreclosures factor into tax appeals. Now, in the appeal process, a taxpayer can factor in short sales or foreclosures - because of their impact on a home value - to ensure that these transfers are included in reviewing and correcting assessments. (Except in Cook County)

5. 

   RPAC helps stop hits to the Mortgage Interest Deduction for American homeowners. According to NAR research, more than 3/4 of homeowners utilize the deduction over the period they own their home and eliminating the MID would cause a 15% decline in the value of homes across the nation.

6. RPAC helps protect landlord rights. Many bills have been proposed – and STOPPED by REALTORS® - that affect landlords in Illinois including legislation related to landlord licensing and crime on rental property that would permit all non-home rule municipalities to license and regulate landlords. Specifically, legislation related to landlord licensing and crime on rental property that would permit all non-home rule municipalities to license and regulate landlords.

7. Tax increases on real estate transactions. A proposed graduated state transfer tax was stopped that would have raised the state tax from $1 per 1,000 up to $10 per $1,000 for some properties. Similarly, the expansion of the municipal transfer tax to non-home rule municipalities was halted.

8. Attacks on the income tax credit. Efforts to eliminate the income tax credit for property taxes paid were stopped.

9. Burdensome inspections. Local ordinances that hold up home sales for arbitrary reasons from municipal inspectors.

4 Things You Need to Know about RPAC

1. RPAC dollars do NOT come from member dues. They are voluntary contributions to the PAC from members of the local, state and national REALTOR® associations. 

2. RPAC is the most bipartisan PAC in the country. RPAC supported 55% Republican candidates for public office and 45% Democratic candidates in the 2011 Illinois General Assembly. In the 2012 Federal Election Cycle, RPAC supported 55% Republican candidates, 46% Democrat.

3. RPAC always has your business interests in mind. RPAC supports pro-business, pro-REALTOR® candidates for public office who understand and support real estate issues. Who gets RPAC support is determined by REALTORS® like you. They are vetted for their pro-business, low tax, pro-growth position on issues that affect the business of real estate. 

4. Only 18% of IAR members give to RPAC. Are you among the 82% who don’t? www.RPACNow.com

Read how Illinois REALTORS®/RPAC made a difference in the 2012 election and in targeted Opportunity Races around the state.

Learn about the local GAD Battles in your area where the RVOICE program has been able to save you and your clients money, stop red tape and fees on real estate transactions, and protect private property rights.

Disclosure: Contributions are not deductible as charitable contributions for federal income tax purposes. The Illinois REALTORS® Political Action Committee (RPAC) collects contributions from members of the National Association of REALTORS (NAR) for political activities. A portion of each contribution will be used for state political activities; at least 30% will be used for federal campaign purposes. The federal portion will be charged against an individual's federal contribution limits under 2 USC 441a. Contributions are VOLUNTARY and refusal to contribute does not affect membership rights. A member may contribute more or less than the suggested amount. A copy of our report filed with the State Board of Elections is (or will be) available on the Board's official website www.elections.il.gov or for purchase from the State Board of Elections, Springfield, Illinois.