The REALTORS® Political Action Committee (RPAC) is a political action committee designed to promote the interests of REALTORS®. RPAC works with elected officials on the local and state level to advance policies that improve the community’s quality of life, protect private property rights, and help REALTORS® maintain and expand their businesses. In addition, RPAC supports pro-REALTOR® candidates who understand and support these kinds of policies. The platform of each individual candidate, rather than party label, determines who RPAC supports. Click here to donate now.
Why Give to RPAC?
Funding for RPAC comes from the voluntary contributions of REALTORS®. These are not members’ dues; this is money given freely by REALTORS® in recognition of how legislation and policy measures impact their profession and livelihood.
First-Time Homebuyer Savings Plan Legislation
Enables first time homebuyers to set aside up to $50,000 toward the closing costs on a new home. The earnings on those funds are free from Virginia state taxes forever.
Cash proffers are a one time, per-home fee paid by the builder; however, this fee, which can run as high as $13,950, is ultimately passed onto the buyer. In Hanover, Goochland, and Chesterfield Counties, RPAC secured reduced proffer amounts. In the City of Richmond, RPAC successfully eliminated an attempt to introduce a cash proffer system.
Legislation to Protect REALTORS® from Prosecution
When relying on information from a public source, such as tax records, the REALTOR® cannot be held liable if the information is found to be incorrect.
Mortgage Interest Deduction
Though it has been in existence since 1913, the Mortgage Interested Deduction (MID) has become rather controversial in recent years. RPAC works to protect this remarkably effective tool that facilitates homeownership.
Support Quality School Systems
Everyone knows the quality of a school system has a huge effect on property values and is often the first thing a prospective buyer asks about, even if they don’t have kids. RPAC assisted Henrico and Chesterfield in securing crucial revenue streams to support good school systems.
Henrico Reinvest: Tax Abatement Program
Allows single family residential property owners to receive a seven year tax abatement for rehabilitating or renovating an older home, thus improving the overall quality of housing stock in Henrico.
Plan to make your Fair Share contribution this year – a small price to pay to protect your future. Click here to invest now.
Contributions to Virginia REALTORS® RPAC of are voluntary and are used for political purposes; they are not deductible for federal or state income tax purposes. Members may contribute more or less than the suggested amount and may refuse to contribute without reprisal. The National Association of REALTORS® or any of its state associations or local boards will not favor or disfavor any member because of the amount contributed. NAR has established state Federal RPAC Disbursement Allocations based on anticipated National RPAC needs. Thirty percent of all Major Investor contributions are sent to NAR to be applied to the Federal RPAC Disbursement Allocation and are charged against the limits under 2 U.S.C. 441a with the remaining seventy percent maintained for state and local usage. Decisions regarding Virginia REALTORS® RPAC contributions to meet the Federal RPAC Disbursement Allocation will be made throughout the fundraising year.
Philip Innes, CH Cathy Noonan, VC
The Housing Interpreter: May 2017 Issue
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