Governor McCrory faces realtors on tax plan

Governor Pat McCrory
July 15, 2013 9:00:00 PM PDT
A day after triumphantly announcing a deal with Republicans in the General Assembly on tax reform for North Carolina, Governor Pat McCrory faced a group who's none too happy about the plan: North Carolina realtors.

McCrory spoke at a gathering of the North Carolina Association of Realtors. The group is not enthused about a proposed cap of $20,000 on mortgage interest and property tax deductions.

McCrory said several times Tuesday that he has stepped on some toes in the name of progress for the state, and he told the group he went to the mat with legislative leaders of his party to hammer out a compromise.

"I know it's probably not exactly what you'd want. You'd like to have total write off. We went from figures of zero to 30,000 and I think we came up with, the current cap is $20,000. And believe me, that was hotly debated. Should it be 25, should it be 50, should it be zero?" the governor asked.

Hours after McCrory spoke to the group, the North Carolina Association of Realtors put out a statement on the tax reform plan, saying it will hurt homeowners and the real estate economy.

"When the real estate economy suffers, the general economy suffers accordingly.  Increasing the tax burden on housing and homeownership will hurt the overall goal of tax reform to improve North Carolina's economy," it said.

The governor took some friendly questions from the group - including if he plans to run for vice president. McCrory laughed it off and said he has more important things to focus on right now.

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