Legislative Session Update - Sales Tax Win & Other Important Bills
LOUISIANA REALTORS • May 25, 2017
The legislative session is set to end by June 8th. The Senate is currently reviewing and debating the 2018 state budget passed by the House. Most of the proposed taxes on real estate services and business either have failed passage or were not brought forth for a committee vote. The proposed budget is then expected to be sent to a conference committee.
Louisiana REALTORS® sponsored Senate Bill 108 by Senator Bodi White passed the House of Representatives unanimously late last week and now awaits the Governor’s signature. Once signed by the Governor the law will take effect on August 1st, 2017. This legislation makes it a misdemeanor for anyone practicing real estate without a license and would require out of state licensees/brokers to either become licensed or work with an existing broker or agent when conducting business in Louisiana.
LR is working to help pass two other important bills making their way through the legislative process:
Senate Bill 140 by Senator Mike Walsworth is a constitutional amendment that would exempt property which is delivered to a construction site for use in the building and construction of the project from ad valorem taxes until the completion of the construction project. The proposed budget is then expected to be sent to a conference committee.
Senate Bill 162 By Senator Conrad Appel makes a technical change to state law which will encourage locals to foster the development of affordable housing units through incentives instead of inclusionary zoning. Studies have shown that inclusionary zoning can cause more harm than good and could affect a developers’ decision to build low income and moderate housing units. This bill will open more avenues through incentives for developers and locals to partner for success in this area.
LR will continue to monitor the session activities to ensure that you and the consumers you serve are not over regulated or taxed. Continue to refer to Legislative Bill Grid or Legislative Session Update page to review in detail all legislation being tracked or call Norman Morris with any questions.
From the Louisiana Department of Insurance: Insurance Commissioner Tim Temple joined Governor Jeff Landry and Senate Insurance Committee Chairman Kirk Talbot today to announce that Louisiana is investing an additional $20 million in Fortified homes, bringing the total amount invested in state Fortified projects this year to $100 million. Governor Landry announced that $20 million from the U.S. Department of Housing and Urban Development will be transferred to the Louisiana Office of Community Development Restore Resilient Opportunities for Overhead Fortification (Restore ROOF) program to strengthen residential structures and reduce long-term disaster risk. Earlier this year, the Legislature passed a bill that allows $50 million in additional Katrina and Rita bond money from Louisiana Citizens Property Insurance Corporation to be added to the Department of Insurance’s Louisiana Fortify Homes Program (LFHP). Also beginning this year, LFHP is projected to receive approximately $30 million annually from taxes and fees the Louisiana Department of Insurance collects from the insurance industry. “Building stronger homes is a vital part of making homeowners insurance affordable in Louisiana,” said Commissioner Temple. “I appreciate Governor Landry’s leadership and support as we work with legislators like Chairman Talbot to make Louisiana a national leader in the adoption of Fortified roofs.” The Louisiana Department of Insurance (LDI) has finalized its promulgation of Regulation 136—Fortify Homes Premium Discounts. The purpose of Regulation 136 is to implement the statutory provisions set forth in La. R.S. 22:1483, et seq. , which require that all Louisiana property and casualty insurers provide premium discounts or insurance rate reductions for homes constructed or upgraded in accordance with the fortified standards created by the Insurance Institute for Business and Home Safety. View Regulation 136 here .
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