Chicago IL: Association of South Asian Real Estate Professionals (ASARP) held its second annual gathering at this festive time of the year, on December 15th at The Meadows Club, 2950 Golf Rd, Rolling Meadows, IL from 5.30 to 9.30 p.m.
ASARP is a registered non-for profit reputable association to provide the leadership to South Asian community required in order to achieve the cherished objectives of property ownership in United States and India. Main purpose of the program was to provide a forum for interaction among South Asian Real Estate Professionals and the communities that they represent, with some degree of entertainment and education.
The event was attended by capacity crowd consisting of active members, MS. Neeta Bhushan (Consul General of India in Chicago), Erica Harold (running for State Attorney General in Illinois), Tim Schneider (Chairman of State’s Republican Party). Dr Sapan Shah (Nominated on republican ticker for US Congress for 10th District),
Mr. Nimesh Jani-Nimesh Jani (member of Schaumburg Township Board), Pam Krieter (Pam Krieter CEOs of the Real Estate profession), Nancy Suvarnamani (Past President of Chicago Association of Realtors and FIABCI International, founder member of AREAA), Thomas Krettler (Director of National Association), Donna Wilson (Director of Global and Commercial Business) and Brian Bernardino (Political coordinator for Chicago Association of Realtors and member of Federal Taxation Committee of NAR).
The principal purpose of gathering was to discuss new proposed tax reforms and its ramifications by reputed Legal and industrial professionals for their guideline, input, panel discussion, QA sessions and provide networking.
After lamp lighting ceremony, Mr. Pradeep B. Shukla gave starting speech “As we all acknowledge the US tax systems were revised in 1986. After sporadic modifying legislations and lapsed time, it needed massive overhaul and re-organization. Some of these regulations are regressive US corporate taxes which are one of the highest in the world, tempting US corporate giants to park the funds outside the country amounting to be in trillions of dollars along with revision of high Death tax of 45% at federal level with additional incidence of about 15 to 18% at the state level”.
“With this revision in mind, Trump administration introduced “Tax Cuts and Jobs Act of 2017”. Principal goals are simplicity and tax reduction while keeping mind the principle of neutrality. The bill passed in both houses with minor variations. Now in a proposed reconciled bill, there are some significant provisions that will affect real estate industry like capping property tax deduction to $10,000, restricting mortgage interest deduction to new loans of $500,000 as against current limit of $1 million, reducing marginal tax rates at all the levels of income, 100% write off of some business assets and significant reduction of corporate tax, etc. While there is overall tax deduction, what concerns our community as realtors, is dilution of Home Ownership Deductions. The stand taken by the National Association of Realtors is that homeowners must be treated fairly, must reverse decline in first-time home buyers as the home ownership level is 50 years low in 2016”.
Thereafter, Mr Shukla invited expert Panelists on stage to discuss their views in all these matter. The Panel Moderator was Al Haroon Hussain, Attorney. The other distinguished Panelists included Paul Chawala, Attorney, Director Brian Bernandoni, Realtor and member of Federal Taxation Committee at NAR and Tom Krettler- Realtor and also Director at NAR.
These panelists addressed the tax reforms congenial to the interest of the real estate community and how would these reforms affect the growth of GDP in USA in coming years.
QA session followed. Subsequently in his concluding remark Mr. Pradeep B. Shukla advised that Taxpayers should consider paying their 2017 state and local income taxes in 2017. This will allow the deductions to be preserved and applied against 2017 income. Since the application of the Alternative Minimum Tax might mitigate these benefits, please discuss your specific situation and any other questions you might have with your accountant.
President of ASARP Mr. Pradeep B. Shukla, in highlight of his remarks, pointed out that some of the important tasks undertaken at ASARP are educating our South Asian local real estate professionals on how to serve best interests in our community, all while keeping in mind the highest degree of professional standards. He also requested members providing effective outreach to these communities including guidance on EB 5 and other programs available to foreign investors. In addition he also requested to provide effective liaison to our communities and professionals He urged educating American real estate professionals dealing with specific needs of our community, and finally acting as an effective political arm for ASARP members.