House Bill 5924, sponsored by Representative Steve Bieda (D-Warren), passed both the House and Senate and is on its way to the Governor’s desk for her signature. You may recall that one of the MAR’s top priorities of 2008 was the continued revision of the Michigan Business Tax (MBT) to protect against any harmful deviation in tax policy regarding Brokers and Salespersons.
The Michigan Legislature is wrapping the 2008 session up this week. The MAR is putting the final push on several bills that will significantly affect the real estate industry.
Legislation to protect commercial brokers against losing rightfully earned commissions has passed out of the Senate Committee on Economic Development and Regulatory Reform on a 6-1 vote. The bill now heads to the Senate floor for consideration.
The REALTORS® Political Action Committee (RPAC) is the best way a REALTOR® can protect his or her business. RPAC is the only grassroots and issues mobilizing force that exists to protect and promote the tradition of home ownership and real estate investment in Michigan.
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As you know, the Agency Responsibility Act was recently signed into law. The passage of the legislation, now Public Act 90 and 91 of 2008, is a huge accomplishment for the MAR, and its success has been years in the making.
Key MAR-supported legislation is on the move in Lansing. First, the House Banking and Financial Services committee reported four pieces of legislation to combat the growing problem of appraisal fraud in Michigan. Given the recent statistics that Michigan ranks 5th in the nation in mortgage fraud, this legislation is aimed at addressing Michigan’s rising problem and increase penalties on those who are engaged in the activity.
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Recently, the Senate Finance Committee formed a subcommittee to examine the effects of the new Michigan Business Tax (MBT) on businesses around the state. The Senate MBT Impact Assessment Subcommittee formed to analyze input from taxpayers, along with seeking suggestions for improvement of the MBT in order to bring recommendations for revision to the Senate Finance Committee in June.
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The Agency Responsibility Act was signed into law. The passage of the legislation, now Public Act 90 and 91 of 2008, is a huge accomplishment for the MAR, and its success has been years in the making.
Read More Here