Legislative Update - March 2017

 

Legislative Update

March 2017

Be a part of the Action

Join us at the National Legislative Meetings in Washington D.C

 

State Update 

99 and HB112 Landlord Liability

SB KAR Priority bill HB 112 sponsored by Rep. Stan Lee regarding landlord liability – dog bite passed Senate Monday March 6th by a vote of 32-5. In fact, as of Monday March 20th HB 112 – the dog bite bill – was signed into law by the governor. View KAR’s full Legislative update page

 

Tax Reform

One of Kentucky REALTORS® top priorities in 2017 is tax reform. Governor Bevin indicated that he plans to call a special session later this year to reform Kentucky’s tax code. In preparation for the session, we are asking for member input through a survey to help guide our priorities through the process. Help provide input for the upcoming special session on tax reform

Kentucky REALTORS Member Survey – Legislative Priority https://www.surveymonkey.com/r/ZFPM67B

Deadline is Wednesday, April 12.

 

Federal Update

NAR Urges Mnuchin to Protect MID

In a letter dated March 10, 2017, NAR 2017 President William E. Brown urged new Treasury Secretary Steven Mnuchin to protect the current tax benefits of homeownership as the Trump Administration seeks to reform the federal income tax system. The letter explained that certain types of tax reform plans, such as the “Blueprint” ” put forward by House Republicans last year, pledge to leave the MID untouched. However, by nearly doubling the standard deduction while repealing most itemized deductions, “the Blueprint would in fact have the consequences of nullifying not only the MID, but also other tax incentives of owning a home for the great majority of Americans who now are, or who aspire to become, homeowners.” The letter goes on to explain that this kind of approach to tax reform could harm the incentive effect that makes purchasing a home easier for the first-time homebuyer and also could lead to a drop in the value of all existing homes.  “The overall result could be a disastrous downturn in the quality of many neighborhoods and communities, and especially our most vulnerable ones,” Brown said in the letter. The letter concludes by asserting that REALTORS® support tax reform, but that in making needed changes, we should “not discard the features of our tax system that make America a homeownership society.”’ View full letter

 

NAR’s Analysis of the President’s Budget

On Mar. 16, 2017, President Trump released his budget for the 2018 fiscal year, which begins on October 1. View Analysis

 

 

Tax Reform 2017: What to Watch Out For

Check out this webinar with Evan Liddiard, Senior Policy Representative for Federal Taxation at NAR. This session gives an update on current tax reform proposals and their implications for homeowners using various scenarios.

 

Protecting National Flood Insurance Program

flood

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Be a part of the Action

Join us at the National Legislative Meetings in Washington D.C