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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.
Discover how REALTORS® play a key role in legislative advocacy, ensuring that real estate rules and regulations protect brokers, clients, and the market. Learn about the benefits and opportunities they provide.
REALTORS® are entrusted with a significant responsibility: to guide clients through one of life's most significant transactions—the purchase or sale of a home.
As previewed last week, NAR is pleased to share the latest consumer guide focused on seller disclosures. This guide covers the basics of what home characteristics sellers are required to disclose to help potential buyers make informed decisions and protect sellers from legal liability. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Seller Disclosures Property Taxes Preparing for Homeownership Escrow and Earnest Money Pricing Your Home Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover tactics for marketing your home.
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