Tough work still ahead as tax reform bill heads to law ILIMA COURT 75-5629 Kuakini Highway, Kailua-Kona HI 96740 RETAIL SPACE AVAILABLE Available Spaces 110 4,305 sq ft 155 5,412 sq ft 155C 800 sq ft 170A 642 sq ft 170B 358 sq ft Great property located on one of the busiest corners in the heart of Kailua-Kona Town. Lots of visitor traffi c from Alii Drive and King Kamehameha Marriott Hotel which is within walking distance. Plenty of parking for residents and visitors. Debbie Parmley (B) CCIM Vice President | Hawaii License No. RB-21953 Leasing Services – Island of Hawaii Direct +1 808 987 7722 Main +1 808 524 2666 debbie.parmley@colliers.com For details on all listings visit, DebbieParmley.com Consulting Sales/Leasing Services Property Management WILCOX SEED BUILDING Professional Offi ce Spaces 325-1208 sf. Can be separate or combined 808-329-1111 is the leading full-service Commercial Real Estate fi rm on the Big Island. TCG is looking for potential qualifi ed tenants as well as commercial property owners who need leasing services for their property or a Leasing Agent and Property Manager. They also offer consulting services for commercial real estate issues. Monique Peacock, (PB) • Consulting • Sales/Leasing Services • Property Management PO Box 908, Kailua-Kona, HI 96745 • Offi ce (808) 329-1111 www.TCGKona.com • email: mp@TCGKona.com 14 West Hawaii Real Estate | January 5, 2018 The U.S. House and Senate passed the conference agreement of the “Tax Cuts and Jobs Act,” marking a near end-of-the-road for Congress’s tax reform efforts this year. The president signed the bill recently. Read NAR’s extensive summary of the tax reform bill. The National Association of Realtors raised strong objections earlier in the year to tax reform proposals put forth by the House and Senate, arguing those proposals threatened home values, eliminated the tax incentives to own a home for most Americans and potentially raised taxes on many middle-class families. On Friday, however, Congressional leaders announced a consensus agreement between the House and Senate that included significant changes to the bill. NAR President Elizabeth Mendenhall, a sixthgeneration Realtor from Columbia, Missouri and CEO of RE/MAX Boone Realty said that while Realtors still have concerns with the overall structure of the bill, fresh limits on the state and local tax deduction, and other changes, the final product is a significant improvement over previous iterations. The Tax Cuts and Jobs Act - What it Means for Homeowners and Real Estate Professionals Mendenhall added that while the work on tax reform is complete for 2017, next year will likely hold opportunities to further improve the tax landscape for middleclass homeowners, and issued the following statement: “The final tax reform bill is far from perfect, but it’s been greatly improved for homeowners over previous versions. Realtors should be proud of the good work they did to help get us here. We generated over 300,000 emails to members of Congress through two calls for action and held countless in-person meetings with legislators, all of which helped shape the final product. “The results are mixed. We saved the exclusion for capital gains on the sale of a home and preserved the like-kind exchange for real property. Many agents and brokers who earn income as independent contractors or from pass-through businesses will also see a significant deduction on that business income. “Despite these successes, we still have some hard work ahead of us. Significant legislative initiatives often require fixes to address unintended consequences, and this bill is no exception. “The new tax regime will fundamentally alter the benefits of homeownership by nullifying incentives for individuals and families while keeping those incentives in place for large institutional investors. That should concern any middle-class family looking to claim their piece of the American Dream. “Realtors’ work to help them get there will continue, and we look forward to joining members of Congress from both sides of the rotunda on that endeavor.” “Despite these successes, we still have some hard work ahead of us. Significant legislative initiatives often require fixes to address unintended consequences, and this bill is no exception.” - Elizabeth Mendenhall, NAR President
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