Updates on the current bills - mandating fire sprinklers, 1031 exchanges, llc tax
Posted by Matt Murphy on March 29th, 2010
Last week the House and Senate completed crossover send bills that originated in both chambers that passed onto approval in the second chamber. The most notable bills that appeared on the floor last week are bills that the NH Real Estate Investor’s Association did not take a position on. Those were two bills concerns hospital regulations and expanded gambling SB 505 and SB 489 respectively. The House will not meet for general session again until April 14th while the Senate will be in session again on Wednesday March 31st. As far as the legislation that is of concern to NH REIA members there status is listed below. Also, crossover mean the legislative session is half over and campaign season will begin shortly to elected new representatives in November. Please feel free to contact me with any questions or concerns directly at 603-475-8435.
Sincerely,
Matthew Murphy
Principal, Whitefield & Burke
603-475-8435
Update on Bills of Concern to NHREIA
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: Passed Senate No House Committee hearing scheduled to date.
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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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