IVAR Prepares to Visit Lawmakers in Sacramento, Washington DC
PAUL HERRERA, GOVERNMENT AFFAIRS DIRECTOR
In May, IVAR members will join thousands of colleagues from across California and the nation in visits to our state and national Capitols.
The work will begin in Sacramento on May 3rd for Legislative Day. The C.A.R.-organized legislative trip will include a full day of meetings between REALTORS® and their state representatives. Approximately 2,000 members statewide participate in the annual event. IVAR will travel with a local delegation of close to 20 members, including five first time attendees.
That trip will be followed two weeks later with travel to Washington DC during the week of May 15th. REALTORS® from across the nation visit the Capitol each year for two days of meeting with Congressional representatives.
Local: IVAR to Track Local Government Budgets, Work With Leaders
Beginning in April, IVAR is launching a project to work collaboratively with cities and counties in the region to help carve a sustainable path on taxation and governing. The project is designed to allow IVAR to work proactively as local agencies make long term plans with taxpayer funds.
Often, budget problems are years in the making and forecasted well in advance. Since the costs of shortfalls land squarely on homeowners and local businesses, we will work proactively and collaboratively with local leaders to make sure the interests of homeowners are well represented in each budget debate.
State: Legislators Re-Introduce Recording Tax Proposal
Senator Toni Atkins, D-San Diego, has introduced SB 2, a proposal designed to raise an estimated $600 million to $800 million annually through a $75 per document recording fee on every real estate document that is not part of a sales transaction. This is the third attempt to move this idea forward in the California legislature, though the first since Democrats gained a super majority in both chambers. As a tax measure, the bill requires two-thirds of legislators to pass, which it has failed to accomplish thus far.
Following early opposition, previous versions of this proposal were amended and later gained the support of the California Association of REALTORS®. C.A.R. is also a supporter of SB 2 as introduced.
State: Bill Introduced to Strip Mortgage Interest Deductibility on Second Homes
Assm. David Chiu (D-San Francisco) has introduced legislation that would eliminate mortgage interest deductibility on Californians with second homes. The bill would disproportionately affect the Coachella Valley, a market with a greater presence of second homes. However, the bill would only affect California residents and would not impact residents of other states or countries with second homes in California.
The California Association of REALTORS® is opposing the bill as introduced.