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In the fifth week of the 2010 Legislative Session, MAR continues to promote legislation that will benefit REALTORS® and homebuyers and oppose any legislation that could be a hindrance to the real estate profession as well as the real estate market. Below you will find an update on the issues we are tracking:
Below you will find a list of MAR’s priorities that are still alive in the legislative process. To read the full text of the bill, simply click on the bill number.
1. State Income Tax Credit for 1st Time Homebuyers
REALTORS® will support efforts to provide a state income tax credit for first time homebuyers. Such an incentive would help more Mississippians turn the dream of homeownership into a reality.
- HB 863 – SUPPORT / Income tax; authorize a credit for first-time homebuyers of principal residence. Referred to Ways and Means
- SB 2327 – SUPPORT / Income tax; authorize a credit for taxpayers who are first-time homebuyers of a principal residence in this state. Referred to Finance
- SB 2385 - SUPPORT Income tax; authorize a credit for taxpayers who are first-time homebuyers of a principal residence in this state.
2. Health Insurance Exchange Program
MAR supports legislation which will create a Health Insurance Exchange Program in order to allow employees to purchase a policy with pretax dollars and allow a policy to move with its owner to another business. Health insurance affordability and availability are top concerns for REALTORS®, most of whom are independent contractors.
- SB 2554 – SUPPORT / "Mississippi Health Insurance Exchange Act of 2010"; enact. (Has passed the Insurance Committee and will now got the full Senate for a Vote)
3. Sunshine Legislation
This legislation will bring oversight and accountability to contracts the attorney general’s office enters into with private attorneys. Provisions include requiring the attorney general to get proposals from three law firms before signing a contract with a firm to represent the state and requiring the State Personnel Services Contract Review Board to review legal contracts with a potential of more than $500,000 in fees.
- SB 3059 – SUPPORT / Sunshine Attorney Act; create. Referred to Judiciary A
4. Tax Incentives for Green Building
MAR will support establishing a tax incentive program that provides for tax credits or incentives when building to standards that are deemed to be energy efficient and end/or environmentally friendly. Also, allow for tax incentives for the purchase of energy efficient appliances. For example, permitting that no sales tax is due when purchasing solar and geothermal equipment. Also, establish that the equipment is not subject to real property tax.
- SB 2444 – SUPPORT / Income tax; provide a credit for certain energy efficiency improvements to homestead property. (Has passed out of Housing and is awaiting a vote in Finance before moving to the Senate Floor)
- HB 480 – SUPPORT / Income tax; provide credit to contractors for homes constructed in accordance with certain Green standards. Referred to Ways and Means
5. Section 42 Housing Ad Valorem Issues
Work with other interested parties to find a compromise to the property valuation method with regards to ad valorem taxes of Section 42 Housing. Section 42 is a tax credit system set up for owners and developers of low-income housing developments to encourage them to build and maintain housing for lower income families. (Not subject to Tuesday’s Deadline)
- HB 301 – OPPOSE IN THIS FORM / Ad valorem tax; remove provisions that prescribe the manner of determining true value of affordable rental housing, Referred to Ways and Means
- SB 2687 - OPPOSE IN THIS FORM / Ad valorem tax; remove provisions that prescribe the manner of determining true value of affordable rental housing, Referred to Ways and Mean
6. Charter Schools
During the 2010 Legislative Session MAR will support legislation allowing for the creation of Charter Schools in MS.
- SB 2293 – SUPPORT / Charter schools; authorize open-enrollment and conversion public charter schools in the state. (Has passed Committee and will now be voted on by the full senate)
7. Eminent Domain
MAR will oppose any Eminent Domain legislation that could have a negative effect on future economic development projects. MAR believes that an exemption for the Mississippi Major Economic Development Act (projects such as Nissan and Toyota) should be contained in any Eminent Domain Legislation.
- HB 918 – MONITORING / Eminent domain; restrict to direct public use. Referred to Judiciary A
- HCR 26 – OPPOSE / Constitution; amend to restrict use of eminent domain. (Passed Committee on Constitution)
8. Monetizing the Federal first time homebuyer tax credit
MAR will seek legislation to monetize the extended and expanded homebuyer federal tax credit to make the money available to the homebuyer at the closing of a home sale. It would be repaid after the buyer’s return is filed.
- Legislation not filled yet, subject to different deadline
9. Amending IREBEA Statutes
During the 2010 Legislative Session MAR support amending the IREBEA statutes to allow interests earned on escrow accounts to be directed to Habitat for Humanity
- SB 2847 – SUPPORT / Interest on real estate broker escrow accounts; authorize to be payable to local Habitat for Humanity affiliates. Referred to Business and Financial Institutions (Has Passed the Senate and has now been transmitted to the House)
10. Support LLC Reform and Reform to Mississippi’s Trade Name statutes
During the 2010 Legislative Session MAR will support LLC Reform and support changes to Trade Names statutes
- HB 683 – SUPPORT / Limited liability companies; require annual reports and revise fees. (Has Passed the House and now has been transmitted to the Senate)
- HB 1354 - SUPPORT / Revised Mississippi Limited Liability Company Act; enact.
- SB 2981 – SUPPORT / Limited Liability Companies; revised Act.
- SB 2003 - Trade names; create the Fictitious Business Name Registration Act.
11. Compensation for performing Broker Price Opinions (BPO’s)
- HB 1118 - Real estate; authorize agents to provide broker opinion of value.
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REALTOR® Day at the Capitol and the Political Advocacy Luncheon that follows are FREE member events; however, advanced registration is required. MAR cannot guarantee the availability of lunch for those who do not register by the Feb. 1 deadline. Register today!
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Dear Fellow REALTOR®,
By now, we all know about the severe devastation caused by the earthquakes in Haiti. NAR is helping answer the calls for help in two key ways.
First, we are contributing $550,000 to charities that will help bring much-needed supplies and care to the people of Haiti. Included in that sum is $100,000 donated by our REALTOR Benefits® Program partner, Lowe’s®, which we have matched at $100,000. From that we will donate $50,000 to The Harvest of Haiti, founded by REALTOR® Patrick Moore, a 2007 Good Neighbor Award winner. Patrick has done great work for several years in Haiti supporting orphans, delivering clean water and providing medical care for more than 3,500 people a year.
http://www.realtor.org/press_room/news_releases/2010/01/donate_haiti
We are also contributing $500,000 to the Clinton Bush Haiti Fund, which is supporting earthquake recovery efforts with immediate relief and long-term support to earthquake survivors. For up-to-the-minute information about these efforts, visit NAR's Haiti relief page on REALTOR.org.
Second, I have asked NAR to accept donations from REALTORS® through the REALTORS® Relief Foundation. Please consider giving today. To make a donation, go to www.realtor.org/relief, and complete the contribution form.
Dr. Martin Luther King, Jr. once said: “An individual has not started living until he can rise above the narrow confines of his individualistic concerns to the broader concerns of all humanity.”
REALTORS® have earned a reputation for our compassionate work on behalf of others – both here in the United State and around the world. I hope you will join our latest efforts and bring that same compassion and hope to people who desperately need it.
Sincerely,
Vicki Cox Golder, CRB
2010 NAR President
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The Mississippi Association of REALTORS® will be closed, Monday, January 18, 2010, in celebration of Martin Luther King, Jr. Day. The staff will return emails and phone calls as soon as possible. Normal business operations will resume Tuesday, January 19.
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The NAR Leadership Academy online application process is open for 2011 graduating class. NAR needs your assistance in encouraging your Leadership Academy students to apply. This is a great opportunity for them to learn the ins and outs of NAR.
The Leadership Academy is a nine month, five-stage training and development program structured around national meetings, beginning with the Leadership Summit in August. Ideal candidates are members who have served leadership roles at the state and local level, but have not yet been actively involved at the national level. Participants will come to understand the NAR organizational vision, how things get done at the national level and have a chance to dialogue with past and current leadership. The Academy is also about building relationships with other REALTORS® from around the country. Learn and grow with the Leadership Academy.
The deadline for submitting an online application is March 31, 2010. If you have any questions, please call Rita Baldwin at 312-329-8321 or email her. Thank you.
For more information visit their website at http://www.realtor.org/association_executives/ae_subcommittees/leadacademy_home.
To apply, please click on the following link: http://www.realtor.org/leadacademy.nsf/StartApp?openform.
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