Legislative Update - Tracking bills that affect NH RE Investors
Posted by Matt Murphy on March 9th, 2010
Legislative Update:
Last week SB 333 was given a public hearing and a continuance until March 18th in order for committee members to have an opportunity to review the amendment presented. Two other bills that we were watching were given public hearings and executive session on Wednesday, SB 483 relating to 1031 exchanges and SB 497 regarding reasonable compensation which is good news for LLC owners as this will end the targeting of LLC’s by the Department of Revenue. Also Governor Lynch is now vocally supporting repeal of the LLC Tax. The bills scheduled for consideration this week are below.
Status of Bills from Last Week’s Update:
SB 333: Relative to foreclosure consultants
Bill Text: SB 0333
Bill Status: Public Hearing Scheduled to reconvene, Thursday, March 18th 1:30 PM with Senate Commerce, Labor, and Consumer Protection Committee
NHREIA Supports this bill as amended and submitted this bill for consideration last year.
SB 483: Relative to the interpretation of Internal Revenue Code section 1031 as it relates to taxation under the business profits tax.
Bill Text: SB 483
Amendment: Makes bill effective upon passage instead of Jan. 2011
Committee recommendation: Ought to Pass with Amendment, Vote 7-0.
NHREIA Supports Committee Recommendation
House Bills voted on Last Week
HB 1395: relative to workforce housing requirements
Status: Passed with Amendment
HB 1618: exempting certain federally tax-exempt transactions from the business profits tax.
Status: Referred for Interim Study
HB 1345 Allowing assessor’s to request rental and lease information for commercial and industrial properties in order to determine market value.
Bill Status: Moved to March 10th Floor Vote
HB1234 This bill requires the seller of shorefront property to disclose to the purchaser the rights and responsibilities of shorefront ownership.
Bill Status: Moved to March 10th Floor Vote
House Bills Scheduled for Floor Vote This Week
HB 1486: prohibiting the mandating of fire sprinkler systems in certain dwellings.
Bill Text: HB 1486
Bill Status: Floor Vote 3/10/2010 committee recommendation of ought to pass with amendment
NHREIA Supports Committee finding.
HB 1345: Allowing assessor’s to request rental and lease information for commercial and industrial properties in order to determine market value.
NHREIA Supports Committee suggestion for interim study.
HB1234: This bill requires the seller of shorefront property to disclose to the purchaser the rights and responsibilities of shorefront ownership.
NHREIA Supports Committee suggestion for interim study.
Senate Bills Scheduled for Floor Votes this week
SB 354-FN: authorizing liens for unpaid building code violations and requiring landlord agents for restricted rental property.
Bill Text: SB 354
Committee Recommendation: Ought to Pass, Vote 3-1
NHREIA has not taken a position on this bill however the NH Property Owners Association is opposing this bill
SB 483-FN-A: relative to the interpretation of Internal Revenue Code section 1031 as it relates to taxation under the business profits tax.
Committee Recommendation: Ought to Pass Vote 7-0
NHREIA Supports Committee Finding
SB 497-FN-A: changing the business profits tax deduction for reasonable compensation for partnerships, limited liability companies, and sole proprietorships and modifying the interest and dividends tax statute to follow the definitions of interest and dividends used in the United States Internal Revenue Code.
Committee Recommendation: Ought to Pass, Vote 7-0.
NHREIA Supports Committee Finding
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