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7.8.10
STATE REPRESENTATIVE MARCIA HAHN (R)
MEETS WITH LVAR GOVERNMENT AFFAIRS COMMITTEE
Shown above (from left to right) – Tiffany Hayward, GAC Vice-Chair; Rep. Marcia Hahn; Frank Renaldi Jr, GAC Chairman
This month’s Government Affairs Committee (GAC) roundtable series featured State Representative Marcia Hahn (R). Representative Marcia Hahn is a freshman legislator representing the 138th Legislative District. She was elected in a special election to succeed Craig Dally on May 18, 2010.
Representative Hahn provided an insider perspective on her transition from a legislative staffer to a lawmaker. Hahn hit the ground running after her election and was thrown right into the critical state budget negotiations. Ultimately, she voted against the $28.05 billion budget indicating she was concerned that while revenue continues to be down, the budget increased spending. Hahn also expressed her concerns about any attempts to increase the real estate transfer tax as part of the Special Session on Transportation. She also is uncomfortable with the new Uniform Construction Code mandate that requires all new single family residential properties to install fire sprinkler systems beginning in 2011. Hahn reiterated to the Committee the importance of REALTORS® communicating their legislative priorities to her.
The Roundtable Series serve as a forum for elected officials to share with our members’ first-hand information on legislative issues, ongoing economic development and revitalization projects, local politics, and other real estate related matters. The meetings also serve as an opportunity for REALTORS® to show elected officials that we are organized and interested in the being a part of the public policy making process. By cultivating meaningful relationships, REALTORS® have the opportunity to build vibrant, safe and livable communities in partnership with elected officials.
7.6.10
Tax Credit Closing Date and National Flood Insurance
Program (NFIP) Deadlines Extended to September 30
The tax credit closing deadline and the NFIP reauthorization were extended to September 30. NAR worked closely with congressional leaders on both sides of the aisle to enact these important pieces of legislation. Extending the tax credit closing and flood insurance deadlines will help provide additional stability to real estate markets across the nation.
The passage of H.R. 5623, the Homebuyer Assistance and Improvement Act, applies the homebuyer tax credit closing deadline extension only to homebuyers who have ratified contracts in place as of April 30, 2010, but could not close before June 30. The legislation is designed to create a seamless extension of the new closing deadline for eligible transactions to September 30. There will be no gap between June 30 and the date the president signed the bill into law.
Senate passage of the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), reauthorizes extension the NFIP until September 30, allowing currently stalled transactions to move forward. The bill is retroactive and covers the lapsed period from June 1, 2010, to the date of enactment of the extension. Any new policy applications or renewals that were signed and submitted during the lapsed period will be effective from the date of application. In the case of waiting periods, the waiting period will start from the date of application.
For more information, visit www.realtor.org/government_affairs. |