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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Posted by Matt Murphy on March 1st, 2010
The Legislature returns to session this weekwith a very busy schedule. As many of you saw Gov. Lynch is wavering on the LLC tax proposal that was passed as part of last year’s budget. Here is the article, in which the story broke,
http://www.nashuatelegraph.com/news/statenewengland/647463-227/lawmakersready-to-axbusiness-tax.html#disqus_thread
This week several bills that have been identified as being of concern to NHREIA members are up for floor votes in the house. Also the Senate has scheduled public hearings on a three bills that are of concern. The first is SB 333 that deals with foreclosure consultants. The second is SB 483 that exempts 1031 exchanges from the business profits tax. The third is SB 497 that deals with reasonable compensation for LLC owners.
House Bills for Floor Vote on Wednesday March 3rd
HB 1395 makes various changes to workforce housing requirements
Sponsors: David Hess, Cynthia Dokmo, Peter Leishman
Bill Status: Floor vote 3/3/10
Committee Recommendation: Ought to Pass with Amendment
NHREIA has not taken a position on this bill
HB 1279 FN
Click here to view bill text.
Bill Summary:This bill makes various changes relative to the licenses of mortgage bankers and mortgage brokers. This bill is a request of the banking department. The bill establishes a fee of $500 dollars for each principal broker and $500 for each branch broker.
Bill Status: Floor Vote 3/3/10 on Committee recommendation
Committee recommendation: Ought to Pass with Amendment
NHREIA has not taken a position on this bill
HB 1618: Exempting federally tax exempt transactions by certain entities from the business profits tax.
NHREIA supports this bill. The legislation exempts 1031 exchanges from being taxed under the business profits tax however the Senate version SB 483 is more likely to pass
Bill Status: Floor Vote Scheduled for 3/3/10
Committee Recommendation: Refer for interim study.
HB 1471 Home Energy Audits
Click here to view bill text.
Bill Status: Referred to Executive Departments and Administration Committee public hearing scheduled for 3/2/10 10:30 AM LOB RM 306
NHREIA has not taken a position on this bill
HB 1345 Allowing assessor’s to request rental and lease information for commercial and industrial properties in order to determine market value.
Bill Status: Scheduled for March floor vote
Committee Recommendation: Refer for interim study
NHREIA supports committee finding
HB1234 This bill requires the seller of shorefront property to disclose to the purchaser the rights and responsibilities of shorefront ownership.
Bill Status: Scheduled for March Consent Calendar with committee recommendation of refer for interim study.
NHREIA supports committee finding
NH SENATE PUBLIC HEARING SCHEDULE
SB 333 relating to foreclosure consultants
Bill Status: Public Hearing is scheduled for Thursday, March 4th 1:45 PM with Senate Commerce, Labor, and Consumer Protection Committee
NHREIA action: contact committee members by email and ask them to support this bill.
Margaret W. Hassan, Chairman - maggie.hassan@leg.state.nh.us
Betsi L. DeVries, V Chairman - betsi.devries@leg.state.nh.us
Deborah R. Reynolds - deb.reynolds@leg.state.nh.us
Jacalyn L. Cilley - jacalyn.cilley@leg.state.nh.us
Peter E. Bragdon - peter.bragdon@leg.state.nh.us
Sheila Roberge - sheila.roberge@leg.state.nh.us
SB 483 AN ACT relative to the interpretation of Internal Revenue Code section 1031 as it relates to taxation under the business profits tax
Bill Status: Public Hearing Scheduled for March 3rd 1:30 pm State House Rm 100
NHREIA Supports this Bill
NHREIA member action: Contact Senate Ways and Means Committee members to express your support for the bill
Senate Ways and Means Committee
Bob Odell, Chairman - bob.odell@leg.state.nh.us
Lou D’Allesandro, V Chairman - dalas@leg.state.nh.us
Harold W. Janeway - harold.janeway@leg.state.nh.us
Deborah R. Reynolds - deb.reynolds@leg.state.nh.us
Peggy Gilmour - peggy.gilmour@leg.state.nh.us
Michael W. Downing - michael.downing@leg.state.nh.us
SB 497 FN: 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.
Bill Status: Public Hearing scheduled for March 3rd 2010 Rm 100 Statehouse,
NHREIA supports this legislation.
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NHREIA hires lobbyist Matt Murphy
Posted by Dianne Shvanda on February 23rd, 2010
The NHREIA Board is excited to team up with lobbyist Matt Murphy of Whitefield & Burke. We look forward to getting educated on the legislative process and keeping informed on legislative issues that affect real estate investors. Stay tuned . . . .
Meet My Appointment Secretary, Google Calendar
Posted by Rob Hanson on February 2nd, 2010
Fortunately, there’s a tool that helps me stay on top of my appointments, Google Calendar. It’s as easy to use as clicking a cell and entering information. Access to my Google Calendar can be had from any internet connected computer, and there’s probably an app for it that I just don’t know about yet.
One feature that I absolutely love is the calendar’s ability to send a text message to my cell phone to remind me of a meeting, appointment, or picking up one of my daughters. For me, Google Calendar is the next best thing to having a secretary who makes sure I’m never late for an appointment.
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Useful Websites for Real Estate Investors
Posted by Renee Guidaboni on January 26th, 2010
Can you believe it is almost February?? Did you put a plan in place for 2010? Have you started to work that plan yet? Here are a few websites that I have found helpful in the past:
www.nhdeeds.com Search by county records to get info on who owns a property, how much did they finance, and terms of the loan. You will need either the property owners name, or the book/page of the property you are looking at.
www.nhpublicnotices.com Search all records of foreclosures, bankruptcies and auctions.
www.gonashua.com This site is for Nashua specifically. Go to Departments, Assessors, GIS Maps, and you can get info by address, owner, etc.
www.manchesternh.gov/gis This one is for GIS maps for Manchester
A few auctioneer sites that provide lots of info:
www.jsjauctions.com
www.commonwealthauctions.com
www.djflynn.com
Good luck in your search for investment properties!
Renee Guidaboni
Landlords in New Hampshire. . . Cash is King
Posted by John McGrath on January 26th, 2010
What a great way to start the New Year. For all who were not able to attend our January meeting, Judge LaPointe did an outstanding job of educating or scaring us about being landlords in New Hampshire. His humor and wit as well as his knowledge was time well spent. I personally think Cash is King and prefer paying tenants to leave and give me their keys instead of waiting 45 days to get rid of the debris they leave behind.
One of the topics of conversation that come up at every meeting is where do I get the money to make my first investment. The Board is happy to bring Equity Trust back to educate us on using self directed IRA’s as a means to purchasing and holding real estate. Some might say what if I don’t have an IRA? Do you know someone who does who might be interested in a steady income flow with their money backed by real estate? Come hear Equity Trust teach us how to use IRA’s to fund our real estate deals.
Last month we began using a Suggestion Box and one suggestion that keeps coming up is that individuals want more networking time. In order to accomplish this we are going to start our meeting at 6:30 sharp. We are going to start at the front of the room and give individuals the opportunity to let other members know not only what they bring to the table but what they are looking for. Hopefully, this format will facilitate more effective networking among our members. Please continue giving the Board your opinions and thoughts. We look forward to hearing from you.
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One of the biggest keys to success. . .
Posted by Sherri Locke on January 17th, 2010
What is one of biggest the keys to success? Persistence! When you feel like you have given every last effort to something, and you give it that little bit more, is when most breakthroughs occur. Sometimes fear can get in your way. Just give it just one more try and then one more until you get where you want to be. You have already spent a lot of time and effort, don’t throw that away! Fight for it, you have come this far, don’t quit! Even if you can’t possibly see anything that could help, reach out and take one more try. You never know what could happen. Big, meaningful achievements don’t just happen when everything is going your way. Keep trying. Remember the toy cars from long ago that would keep running into the wall and make a small turn (correction) and keep going until it found the way out of the room? Be that toy car! Just keep going until you find a way!
What is a real estate investor? A problem solver.
Posted by John McGrath on January 4th, 2010
Happy New Year! What an exciting time to be a real estate investor. Somebody may ask the question what is a real estate investor? My answer is simple. We are problem solvers. When you pick up the paper, turn on the TV, or listen to the radio we are bombarded with stories of people who have problems that they cannot solve in real estate. That is where you come into the picture.
One thing I have learned over the years is the importance of asking the right questions before we start coming up with solutions. Knowledge is power. If you don’t know the right questions to ask, network with more experienced investors at the next meeting and ask them questions they would ask.
How many properties are you going to look at this month? Most individuals are on the ski slopes or in the comfort of their warm houses this time of year. What a great time to be out there finding the next deal of a lifetime. A deal of a lifetime comes along about once a week in this environment if you are out there looking.
I look forward to hearing your success stories and sharing them with the Club.
Happy New Year - time to set your investing goals for 2010!
Posted by Rob Hanson on January 1st, 2010
Here are some possible ideas to “prime the pump” to start your planning for this year.
- How many properties are you going to purchase this year?
- How much money will you make investing this year?
- What will be your primary buying and exit strategies?
- How much time each week will you dedicate to working your real estate investing business?
- How many NHREIA meetings will you actively attend this year (mark these dates your calendar today)?
- What one or two areas of investing do you want to master this year?
- How many self help books related to investing will you read this year, and which two will you read multiple times?
Here’s to an Amazing 2010
Posted by Dianne Shvanda on January 1st, 2010
Congratulations to our newly-elected NHREIA Board Members!
President: John McGrath
Vice President: Matt James
Chairman of the Board: Sherri Locke
Treasurer: Renee Guidaboni
Secretary: Rob Hanson
Board Member At Large: Al Piecuch
Board Member At Large: Mark Dickey
We look forward to a year full of networking, education and GREAT deals!