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The Senate passed a bill yesterday to repeal a tax-reporting requirement (known as the 1099 provision) for small businesses, including landlords, in the 2010 health care overhaul law. The bill will now go to the president’s desk where he is expected to sign it into law. The provision would have required millions of businesses [...]  Steve Goddard - 2010 C.A.R. President Dear C.A.R. Member, Good news bears repeating. President Obama recently signed a bill extending the closing deadline for the federal The president also signed HR 5569, the National Flood Insurance Program Extension Act of 2010, funding the program through Sept. 30, 2010—good news for homeowners in the Sacramento-San Joaquin Valley and other 100-year floodplains. As you know, flood insurance is required for mortgages on properties in a 100-year floodplain. Congress has allowed the program to lapse three times this year, forcing many real estate transactions to be put on hold and, in some instances, cancelled. What happens in Sacramento and Washington, D.C., really does matter to your business. The passage of these two pieces of legislation—which C.A.R. and NAR advocated for—demonstrates the importance of REALTOR® involvement in government. Legislative wins such as these require a focused and relentless presence at the state and national levels. C.A.R.’s advocacy in the political arena this year also helped preserve property profiles after title companies stopped providing them in reaction to a letter issued by the Department of Insurance; thrice defeated a 3-percent independent contractor withholding proposal that would have accelerated income tax payments for our members; and defeated point-of-sale retrofits proposed through several pieces of legislation that could have added as much as $20,000 per home prior to closing escrow. Continue reading: Your July Message from C.A.R. President Steve Goddard It wasn’t pretty, and the debate went well into the evening, but on June 30 the Senate passed a stand- alone bill that extended the date for closing on a tax credit-eligible home from June 30 to September 30, 2010. The bill passed the Senate on a voice vote in a process known as [...] A temporary extension of the National Flood Insurance Program (NFIP) was signed into law by President Obama on March 2. This will extend the NFIP through March 28 (it was originally scheduled to expire on February 28). The temporary extension will allow Congress to work on a longer extension, currently pending in the Senate, [...] On February 1, President Obama released his budget proposal for 2011. Consistent with its proposed FY 2010 budget, the Administration’s again has recommended limiting the value of the mortgage interest deduction (MID) for upper income taxpayers by, in effect, converting the deduction to a 28% tax credit for those individuals currently in the 33% [...] President Obama presented his proposed budget plan for fiscal year 2011. Included in the proposed plan is a provision to reduce the mortgage interest deduction for those earning more than $250,000. At this time, however, it does not appear that the change to mortgage interest deduction is included in any proposed legislation. C.A.R. and [...] President Barack Obama’s next-door neighbors in Chicago, Bill and Jacky Grimshaw, are trying to sell their house. Matt Garrison of the Matt Garrison Group, which listed the property, would not specify the listing price. He said the sale price will ultimately be determined by “the Obama factor.” The 17-room brick home located in the [...] |
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Thursday, April 7th, 2011
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