Hello all one of my title rep's has me on a mailer and gives me permission to re-post. This is definately good news and may help the general public to shill a little and come out and play when it comes to new home ownership. No comments necessary ( unless you want to of course ) So Let's Blog..... The House just passed H.R. 6111, a bill expanding and extending certain provisions of the U.S. Tax Code, and called on the Senate to pass the package before they adjourn. Included in the bill are several of the Mortgage Bankers Association's legislative priorities - a deduction for mortgage insurance premiums, cost recovery for qualified leasehold improvements and an extension and expansion for expensing of brownfields remediation costs. | |
| "We are very pleased the House has included these provisions which are vital to the real estate finance industry," said Kurt Pfotenhauer, MBA's Senior Vice President for Government Affairs. "The MIP deduction is another step that makes the dream of homeownership affordable for more Americans. Many potential first time homebuyers do not have 20 percent for their down payment and thus rely on mortgage insurance to secure their loan. Making their mortgage insurance payments tax deductible has the potential to save them hundreds of dollars each year." | |
| "The brownfields expensing provision is crucial in the effort to increase the number of brownfields redevelopment projects and to foster community investment. Equally as important, the leasehold improvement section of the bill provides a recovery period for leasehold improvements that more closely tracks the actual life of the improvements. MBA has long advocated bringing the tax depreciation treatment of leasehold improvements more in line with economic depreciation." | |
| Specifically, the bill amends the Internal Revenue Code of 1984 as follows: | |
| - Allows individuals to deduct from their income any premiums paid or accrued for qualified mortgage insurance. This provision is good through the end of 2007 and contains a phase-out for those with incomes over $100,000. | |
| - Extends the expensing of brownfields remediation costs through the end of 2007 and expands the program to include petroleum sites. | |
| - Extends the existing leasehold improvement provisions through the end of 2008. | |
| "The House has completed their work on the bill, it is now time for the Senate to finish the job," continued Pfotenhauer. "It is incumbent upon them to pass this bill before they adjourn." |
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645
Aloha Doug thank you for the heads up. Why is the tax credit only for one year? If they wanted to help new home owners they would make it permanent.
The sad truth in Hawaii a combined income of $100,000 makes it hard to buy above entry level.
Dec 08, 2006 04:25 PM
Century 21 Olde Tyme - Corona, CA
Corona Norco Eastvale Riverside Homes
Randy,
Our legislators truly work in a fantasy world. How about the DOJ lawsuit ? Is it's purpose to shut down the Realty Business coast to coast ? We as an organization better start implementing a few things fast before we are sued and or regulated out of existence. Like:
Absolutely No Double Ending even with A Buyers Agent.
Create absolutely no possible conflict of interest when it comes to whom we represent whether it be buyers or sellers.
We had better clean up our reputation and get us away from the bottom of the bucket among Lawyers and Car Salesmen if we want our world to survive.
Dec 08, 2006 04:34 PM
Downing-Frye Realty, Bonita Springs, FL - Bonita Springs, FL
Bonita Springs Listing Specialist - Agent
I just how they tried to piggy back gulf oil drilling onto the same issue.
http://www.npr.org/templates/story/story.php?storyId=6599961
Dec 08, 2006 10:06 PM
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland
Deductibility for PMI is good news. One year is a joke. Legislation with sunset provisions are "feel good" jokes.
Dec 09, 2006 01:43 AM
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645
You make a lot of good points. I am surprised that they have a problem with the NAR. We are one of the few industries with a code of ethics and are constantly lobbying for laws to protect the public.
May 05, 2007 09:25 AM
Century 21 Olde Tyme - Corona, CA
Corona Norco Eastvale Riverside Homes
Randy, The only problem with NAR is that the code of ethics is really not enforced. Don't you think that it is strange that our fellow Realtors know who the violators are but nothing is done. One reason that there hands are tied is because of the DOJ Lawsuit. After all in Calif. you do not have to be a Realtor to get MLS access. So how do we punish a violator anyway ?
May 05, 2007 11:18 AM
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645
Century 21 Olde Tyme - Corona, CA
Corona Norco Eastvale Riverside Homes
Our MLS upped the fines because they did a survey and found some local big producers budgeted for the fines.
May 06, 2007 03:38 AM
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645
I think they can do an escalating fine system, those who continue to break the rules keep paying higher and higher. At some point they need to be kicked out. Our violations have dropped by a large amount since the fines went up.
May 06, 2007 05:01 AM
Rainer
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Doug Beaver
Corona Norco Eastvale Riverside Homes
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