Posts from the Legislation Category
Dodd-Frank Act modifies the definition of “accredited investor”
Posted by Dianne Shvanda on July 22nd, 2010
Section 413 of the Dodd-Frank Wall Street Reform and Consumer Protection Act modifies the definition of accredited investor. Previously, an accredited investor was a person with a net worth, or a joint net worth with a spouse, of not less than $1,000,000. Section 413 now excludes the value of the person’s primary residence from the net worth calculation.
Legislative Update from the NHREIA Lobbyist
Posted by Matt Murphy on June 2nd, 2010
New Hampshire’s Financial House in Disarray
Posted by Matt Murphy on May 17th, 2010
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Legislative Update - big win for NHREIA!
Posted by Matt Murphy on May 11th, 2010
As you have all probably seen in the papers alot is going on at the Statehouse this week and will be for the remainder of the session. As I had mentioned a few weeks ago the State of NH is facing a minimum of a $220 Million deficit this has put the State budget front and center. This week the House will vote on SB 450 which is an adjustment to the Budget the majority passed last year. The bill is meant to help close the states deficit by making $181 Million in cuts, borrowing, and tax increases or new taxes. These proposed taxes include a 8% Estate Tax on assets over $2 million dollars and a local option for municipalities to increase the rooms and meals tax beyond the states 9% tax, an Electricity Generation tax of .00055 cents per kilowatt hour. SB 450 also reduces state aid to municipalities affecting local property taxpayers. The bill however does not propose the capital gains that was discussed last week. Over all SB 450 is built on assumed revenue and contains controversial proposals for shutting down prison facilities in Goffstown and sending the YDC inmates to the Laconia Prison shutdown in last years budget. SB 450 also contains a repeal of the LLC tax provision that different from SB 497.
SB 483 1031 Exchanges
The House Ways and Means Committee passed SB 483 by a vote of 18-2 with changes from the version passed in the Senate.The House will take a vote on SB 483 on Wednesday and it is expected to pass. However the House and Senate versions are different and will be taken up in Committee of Conference before going to the Governor for signature. This was a major win for NH’s Real Estate Industry and NH Real Estate Investors Association working with the NH Realtors helped to successful guide this bill through committee.
SB 497 LLC Tax Repeal
The House Ways and Means Committee has amended this bill to language that was similar to the earlier repeal bill that was killed on the house floor HB 1607. The House Minority office has assured me they will be looking to push for LLC repeal however it is unlikely to pass due to the overwhelming majority in the house.
HB 1486 Prohibiting Sprinkler mandates
The Senate Municipal and Public Affairs Committee has amended the House version that established a 3 year moritorium on municipal mandates, however the Senate has amended this to a 1 year moritorium. These difference will need to be worked out in the Conference Committee before going to the Governor’s desk for approval.
House Finance Committee Approves Estate Tax
The House Finance Committee voted for an 8 percent tax on estates valued at over $2 million as part of SB 450 that will be voted on this Wednesday. The Estate Tax was not part of the bill passed by the Senate and will need to be approved by the Conference Committee before a full vote so no action is needed currently.
As the Conference Committee will be formed next week and action on the above mentioned items will take place I will inform the Board and Members on actions to help ensure positive legislation for NHREIA. Please feel free to contact me at 603-475-8435 if you have questions or concerns.
Matthew Murphy
Principal, Whitefield & Burke
603-475-8435
This week - contact House Ways and Means Committee
Posted by Matt Murphy on May 3rd, 2010
- a 20 cent increase in the tobacco tax bring the tax to $1.98 estimated to raise 12 million through June 2011
- A capital gains tax of 5% on financial gains excluding the sale of a primary residence raising an estimated $30 million
- An estate tax, imposed on assets over $2 million upon the death of the owner. The tax rate would be 8 percent, raising an estimated $2 million in this biennium and $25 million every two years thereafter.
- The insurance premium tax, raising roughly $23 million. The tax would be raised back to the 2 percent level it was at in 2006 when it began a series of annual quarter-point declines.
- A new electric generation tax, with a repeal of the electric consumption tax.
Support HB1486 - prohibiting the mandating of sprinklers in certain dwellings
Posted by Matt Murphy on April 26th, 2010
Work continues on the three bills we are monitoring this week. The Senate Public and Municipal Affairs Committee will hold a public hearing for HB 1486 that prohibits the mandating of sprinklers in certain dwellings. This hearing is scheduled for Thursday April 29th at 9:10 am in Room 103 of the Legislative Office Building. If any members would like to attend or testify in support of this bill please contact me by phone. For those who cannot attend, contact the following committee members and express your support for HB 1486.
Betsi L. DeVries, Chairman
(603) 271-6933
betsi.devries@leg.state.nh.us
Matthew S. Houde, V Chairman
(603) 504-2744
matthew.houde@leg.state.nh.us
Kathleen G. Sgambati
(603) 271-2641
kathleen.sgambati@leg.state.nh.us
Sheila Roberge
(603) 271-2166
sheila.roberge@leg.state.nh.us
John S. Barnes, Jr.
(603) 271-6931
jack.barnes@leg.state.nh.us
In the House SB 483 and 497 have not been acted on yet so please follow this link
http://www.gencourt.state.nh.us/house/committees/committeedetails.aspx?code=H28
and contact the members of this committee. Please remember to ask them where they stand on each bill either in support of or opposed to. Also it should be noted that Governor Lynch who declared his support of the LLC tax repeal did not bother to testify at the hearing or send a representative from his office to testify. Please call his office at (603)271-2121 and remind him to proactively work to repeal his tax.
Also an amendment to has been added to Senate Bill 450 this amendment proposes a nuclear fuel tax, electric generation tax, pet shop license tax, insurance premium tax, and a capital gains tax that would be tied to the states interest and dividend tax. The House Ways and Means committee will be meeting Today at 1pm to discuss these amendments. I will send out an alert as to the actions taking at this meeting.
As always feel free to contact me at 603-475-8435
I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.
Thomas Jefferson
Matthew Murphy
Principal, Whitefield & Burke
603-475-8435
Call to Action for SB 483 (1031 Exchanges) and SB 497 (LLC Tax)
Posted by Matt Murphy on April 19th, 2010
Last week the house ways and means committee held public hearings on two bills that we have been tracking, Senate Bills 483 and 497. Please contact the members of this committee and ask them to support both of these bills. NH REIA support for passage was joined by the NH Realtors, CIBOR, Business and Industry Association, and several other associations. Please Contact all the members by emailing them at the following email address:
~HouseWaysandMeansCommittee@leg.state.nh.us
You can also contact each member directly at the email or phone number below.
Here are some of the talking points that should be part of each email;
SB 483- By not protecting 1031 exchanges as SB 483 does, NH will be on of only two states that does not exempt these transactions from state taxes. This will have a chilling effect on the real estate market and will eliminate options for investors that would consider making investments in New Hampshire as opposed to other New England states.
Feel free to include any personal experiences you may have with 1031 exchanges.
SB 497- The passage of the LLC tax without public hearing in last years budget has significant increased the cost of recordkeeping and tax costs for NH LLC’s. The effective tax rate for LLC’s will be 13% if this bill is not passed and will prevent LLC’s from expanding their companies within NH and will prevent formation of future LLC’s.
Remember to write these folks about how these changes will affect your future business dealings in the state, and how the changes will affect your ability to justify future investment.
Please remember that these folks take calls and emails very seriously it is extremely helpful in trying to pass both of these bills that business owners and investors like yourselves contact these folks if they do not have an email listed below please call them. The committee member contact info is listed at the end of this message.
There is no scheduled action for any of the bills we are tracking this week and I will be meeting individually with members of the ways and means committee this week. It will be beneficial for them to see active membership.
As always feel free to contact me with any questions or concerns you may have 603-475-8435
Sincerely,
Matthew Murphy
Principal, Whitefield & Burke
603-475-8435
House Ways and Means Committee Members
Chair: Susan Almy
Phone: (603)448-4769
Email: susan.almy@comcast.net
Vice Chair: William Hatch
Phone: (603)466-9491
Email: hatchbill@hotmail.com
William Butynski
Phone: (603)336-7498
Email: williambutynski@aol.com
Frank Davis
Phone: (603)485-9953
Email: fpdavis@comcast.net
John Kelley
Phone: (603)880-4083
Email: jkelley-nashua@comcast.net
Susan Price
Phone: (603)664-7826
Email: susan.price@leg.state.nh.us
Mary Griffin
Phone: (603)432-0959
Jordan Ulery
Phone: (603)882-8979
Email: jordan.ulery@leg.state.nh.us
David Bettoncourt
Phone: (603)898-4653
Dennis Vachon
Phone: (603)664-9974
Ron Mack
Phone: (603)525-3650
Email: r.mack2@rcn.com
Robert Walsh
Phone: (603)622-1023
Email: bob.walsh@leg.state.nh.us
Priscilla Lockwood
Phone: (603)783-4349
Email: priscillalockwood@myfairpoint.net
Joe Osgood
Phone: (603)543-0762
Email: joejfcc@myfairpoint.net
Russell Ober
Phone: (603)883-9654
Email: thud007@hotmail.com
Gilman Shattuck
Phone: (603)464-3850
Email: g_shattuck@mcttelecom.com
William Johnson
Phone: (603)524-8949
Email: billjohn4@metrocast.net
Norm Major
Phone: (603)382-5429
Email: nlbem@comcast.net
Frank Sapareto
Phone: (603)894-7083
Email: sapareto@comcast.net
Ken Weyler
Phone: (603)642-3518
Email: kweyler@aol.com
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This week - public hearings for SB 483 and SB 497
Posted by Matt Murphy on April 12th, 2010
The past week has been a flurry of activity at the StateHouse with the state budget problem countinuing to compound. This week Governor Lynch annouced the state currently has a 220 million dollar budget shortfall with two months left in the Fiscal Year. His plan released last week calls for 85 million dollars in cuts, a tobacco tax increase of 20 cents, more state layoffs, and a restructuring of state debt. The cuts come in the following forms, It cuts 30 to 35 state workers, and transfers or demotes others. It cuts $25 million in Health and Human Services programs, including cuts to contractors, nursing homes and hospitals. HHS will close the Anna Philbrook center for youths in distress, make wider use of the Sununu Youth Center to cut outsourcing costs, and take over more welfare support programs. Nursing homes, home-based health and child welfare agencies also see cuts. These cuts along with proposals to reduce local aid will have a significant effect on municipal budgets this year increasing most communities property taxes. The plan also includes a debt swap with the University System of NH that will give the State $25 million back with permission for the USNH to bond $25 million for capital improvement.
Additionally, the plan shifts Federal Stimulus money from 2011 to 2010 in order to balance the 2010 budget.
Legislatively, two of the Senate bills 483 and 497 are up for public hearing in the House this week. The Sprinkler Bill has not been scheduled for a hearing yet. Below is the information on the Upcoming Bills of Concern. As always please feel free to contact me with any questions or concerns directly at 603-475-8435
Matthew Murphy
Principal
Whitefield & Burke
603-475-8435
Senate Bills
SB 483 Public Hearing April 13th 10:30 AM RM 202 of Legislative Office Building
SB 497 Public Hearing April 13th 1:15 PM RM 202 of Legislative Office Building
House Bills
HB 1486 No Hearing Scheduled to Date
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Legislative Update - 2 important public hearings
Posted by Matt Murphy on April 5th, 2010
NHREIA Board and Members,
The House will take up two of the bills we are monitoring next week for public hearing. The House bill regarding fire sprinker mandates has not been scheduled for a public hearing yet. The good news on the two Senate Bills SB 483 and SB 497 is that pressure is mounting for the house to take action to repeal these taxes from several groups and vocal leaders especially the Governor. However, the house earlier this session rejected another bill that would have repealed the LLC tax. I will be meeting with members of the House Ways and Means Committee This week and next in order to voice NH REIA support for repeal. Please feel free to contact me with any questions or concerns at 603-475-8435
Matthew Murphy
Principal
Whitefield & Burke
603-475-8435
Senate Bills
SB 483 Public Hearing April 13th 10:30 AM RM 202 of Legislative Office Building
SB 497 Public Hearing April 13th 1:15 PM RM 202 of Legislative Office Building
House Bills
HB 1486 No Hearing Scheduled to Date
Update on legislative bills of concern to NHREIA
Posted by Matt Murphy on March 22nd, 2010
Weekly Legislative Update for the Week of 3-22-2010
This week marks the last week for both the NH House and Senate to complete all bills that originated in the respective chambers. Thursday March 25th marks Crossover Day when House bills that were passed move onto the assigned Senate Committees and Senate Bills move on to the House. Last week SB 333 was heard in public hearing and will be sent for study which will allow the organization to have a significant role in reforming the obstacles members having when working with homeowners facing foreclosure.
In the coming weeks I will be working with the board on reforming RSA 479. Most of the bills that we are monitoring are waiting to be assigned to Senate or House Committees and hearing dates have not been set. If you have any questions or concerns please feel free to contact me at 603-475-8435.
Matthew Murphy
Whitefield & Burke
603-475-8435
Update on Bills of Concern to NHREIA
HB1345: Allowing assessor’s to request rental and lease info for commercial and industrial property.
Status: Interim Study
HB 1486: Prohibits mandating of fire sprinklers in certain dwellings.
Status: Passed House no Senate Committee hearing scheduled to date
SB 483: relative to the interpretation of IRS Code 1031 as it relates to taxation under the business profits tax.
Status: Passed Senate no House Finance Committee hearing scheduled to date
SB 497: 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.
Status: Senate Vote Expected 3/24/10 with Ought to Pass Recommendation
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