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2.11.10
Governor Rendell targets REALTOR® commissions;
Proposes 4% sales tax on real estate services
On February 9, Governor Ed Rendell released his proposed 2010 budget. One revenue generating component in his proposed budget is to levy a 4% state sale tax on professional services (which includes REALTOR® commissions). The Governor is actually proposing to reduce the current state sales tax rate from 6% to 4%, but expand it to all items which were previously exempt. In all, the state sales tax would extend to 74 services and other transactions that are currently exempt.
Rendell’s $29 billion spending plan would increase state spending by $1.1 billion, or 4 percent. It also relies on nearly $2.8 billion in federal stimulus money, some of which has yet to be approved by Congress.
LVAR will be monitoring this issue very closely. It is very early in the budget adoption process, and there will be serious debate and consideration on this issue going forward as it impacts many industries and items (legal services, newspapers, candy and gum, dry cleaning, advertising, consulting and much more).
You can read more about the sales tax proposal and its impact on the real estate profession by clicking here. You can access a downloadable copy of the proposed budget by clicking here.
2.8.10
Brochure Available on Federal Short-Sale Effort
NAR has issued a brochure to help REALTORS® understand the federal program for helping troubled home owners undertake a short sale rather than lose their home to foreclosure. The Home Affordable Foreclosure Alternatives program takes effect on or before April 5 and includes uniform procedures, standard forms, and deadlines for lenders. Fannie Mae and Freddie Mac are developing their own standards based on the federal program. More resources, including a video on the federal short-sale effort, are online.
2.4.10
PAR ISSUES CALL-TO-ACTION ON HOUSING TRUST FUND
By now you should REALTOR-members should have received an e-mail Call-to-Action from the Pennsylvania Association of REALTORS encouraging you to support the Pennsylvania Housing Affordability and Rehabilitation Act (House Bill 60). With a few clicks of your mouse, you can send a customized letter to your State Representative and urge them to support and vote for this important legislation.
For details about the Call-to-Action and to take action, visit the PAR Action Center:
***Note to Residents of the 138th State Legislative District: District 138 is currently vacant. It was formerly held by Representative Craig Dally, who was recently elected as a Northampton County Judge. As a result, there is not a target for this district, thus members that reside in District 138 cannot participate (you will receive an error message if you attempt to take action).
2.1.10
Market Your Listings at the Allentown Homebuyer’s Supermarket
Save the date and show off your listings! Saturday, March 13 from 10:00am -4:00pm at The Allentown Fairgrounds Ag Hall – Annex, (17th & Chew St, Allentown).
Allentown is bringing back the Homebuyer’s Supermarket to increase home sales throughout the city. This free public event is a unique opportunity for prospective homebuyers to conveniently find, in one place, all the information they need to buy a home in the City of Allentown. The event will bring together community leaders, area lenders, title, mortgage and insurance companies and Realtors who can provide knowledge and tools needed for owning a home.
Realtors interested in securing a booth to show off their Allentown listings and products should contact Leonard Lightner at (610) 437-7696 or lightnerl@allentowncity.org.
Click here to download a brochure / registration form. |