Michigan Association of Realtors

Legislative News
 
Important Tax Policy Legislation Takes 1st Step Out of Committee
 
Senate Bill 77, sponsored by Senator Jud Gilbert (R – Algonac) unanimously passed the Senate Finance Committee yesterday. This legislation would provide for an additional “Principal Residence” filing date of October 1st. 
 
 
Home Valuation Code of Conduct to Sunset with Passage of Financial Reform Bill
 
President Obama has signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173) into law. Included in this legislation is a provision which would sunset the much maligned Home Valuation Code of Conduct (HVCC).
 
Primary Candidate Endorsements and voter card information.
 
The RPAC Trustees held a conference call on Monday, July 12th, and solidified Primary Endorsement requests for both House and Senate. In total, there were 70 of 110 House endorsements, 31 of 38 Senate endorsements, and 3 of 15 Congressional endorsements.
 
 
Congress Passes Tax Credit Closing Extension
 
After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30 2010 that have not yet closed.
 
News from NAR: Tax Credit deadline for closing still remains June 30th for now
 
NAR is working very closely with key Members of Congress and the Senate, and Senior Congressional Staff on an extension of the June 30, 2010 deadline for closing contracts eligible for the Homeowner Tax Credit.
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Does the SAFE ACT Impact You?
 
Do you or your clients offer seller financing (e.g. land contracts or rent to own programs) or do you assist your clients in obtaining third party financing to facilitate the sale of a home? If the answer is YES, you need to attend this overview seminar.
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Call for Action: Prevent New Tax Burdens on Real Estate
 
Congress is considering changes to the tax code in order to pay for a number of tax provisions expiring in 2010. Two of these provisions would impact real estate. The first would require all owners of rental properties to file IRS 1099 forms for all contractors they do business with if they pay that contractor $600 or more in any given year. This onerous provision would apply to even the smallest landlord.
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Sales Tax on Services Poll Results
 
LANSING, Mich. – Michigan voters overwhelmingly oppose an effort to expand the state sales tax to services and instead want their political leaders to balance the state’s budget by cutting spending, according to a new poll released today by the Michigan Chamber of Commerce and the Michigan Association of REALTORS®.
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News from NAR: The American Clean Energy and Security Act: Myths and Facts of the legislation

The U.S. House of Representatives approved H.R. 2454, the American Clean Energy and Security Act by Reps. Waxman (D‐CA) and Markey (D‐MA). Following NAR’s long‐standing policy to only take a position on legislation, or provisions within legislation that have a direct affect on real estate, NAR worked with our Congressional allies to strip the Energy Bill of provisions that would have adversely affected our industry. Read More

Information and FAQ regarding the EPA's new lead based paint renovation rule
 
As you may know, the U.S. Environmental Protection Agency (EPA) has announced a new lead paint renovation rule, which went into effect on April 22nd of this year. The MAR has received many calls on this issue, and the link below should alleviate any questions or concerns regarding what this new rule means for REALTORS.
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