|HB 1311 Job Creation and Main Street Revitalization Act
LPC voted to support HB14-1311, Concerning the credit against the state income tax for the costs incurred in connection with the preservation of historic structures, this week, which was introduced in the House and assigned to the Finance Committee. The bill establishes two eligibility pools for the commercial tax credit, one pool for smaller projects and one for larger projects. The total amount of tax credits would be capped at $15 million (split between the two pools) for each year beginning in FY15-16 and ending in FY18-19. Furthermore, residential properties will be eligible for a 20% tax credit on qualified rehabilitation expenses, up to a maximum credit of $50,000 per project. Several exterior and interior improvements are considered qualified expenses.
Many of Colorados traditional main streets are at a tipping point; buildings are vacant, their historic facades in decay and their local economies in desperate need of investment and revitalization. CAR believes this bill will boost new economic development in communities across Colorado by attracting commercial reinvestment, rehabilitation and revitalization of main streets across our state. Local government revenue will be generated by revitalizing historic main streets and commercial buildings and creating new business, housing, and shopping.
HB 1136 Regulation of Continuing Professional Education
CAR sponsored HB14-1136, Concerning exempting a continuing professional education program that is approved by a state professional licensing board from regulation by the division of private occupational schools in the department of higher education, passed third reading in the House and is waiting to be calendared in the Senate. CAR is running this piece of legislation due to a bill from last year that removed our exemption that enabled local boards and CAR to provide continuing education to non-members. This bill would restore our ability to provide continuing education to non-member licensees and other industry professionals.
Senate Passes Flood Insurance with Amendments
On March 13, 2014, the United States Senate voted 72-22 to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370). The Senate acted quickly to pass the bill as amended by the House to avoid the need for a conference committee to reconcile any differences. The new bill further reins in and holds the Federal Emergency Management Agency (FEMA) accountable for the Biggert-Waters implementation issues. Learn more information about NARs efforts to get this bill passed here.
Register Now for REALTOR® Party Convention
NARs Midyear Meetings have been renamed the REALTOR® Party Convention and Trade Expo. Registrationwhich is free for membersis now open for the REALTOR® Party Convention & Trade Expo May 12-17, 2014, in Washington, D.C.
Download the REALTOR® Action Center Mobile App
The REALTOR® Action Center mobile app is now available for download for the iPhone and DROID. Simply search for NAR Action Center in your respective app markets. This app is designed to help members Vote, Act and Invest on the go. It will help you increase your state and local Federal Call for Action participation rates, allow members a quick and efficient way to invest in RPAC, and provide you a way to track your REALTOR® Party activities and so much more.