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Robert Gleason - GFWAR - Legislative Update

The document provides a legislative update on national and state real estate issues. On the national stage, it discusses the first-time homebuyer tax credit, national banks in real estate brokerage, and potential future issues around mortgage interest deductions and Fannie Mae/Freddie Mac reform. At the state level in Texas, it outlines bills around appraisal reform, sales/transfer taxes, sales price disclosure, eminent domain, transportation funding, and other residential issues. Key bills are at various stages in committees.

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130 views

Robert Gleason - GFWAR - Legislative Update

The document provides a legislative update on national and state real estate issues. On the national stage, it discusses the first-time homebuyer tax credit, national banks in real estate brokerage, and potential future issues around mortgage interest deductions and Fannie Mae/Freddie Mac reform. At the state level in Texas, it outlines bills around appraisal reform, sales/transfer taxes, sales price disclosure, eminent domain, transportation funding, and other residential issues. Key bills are at various stages in committees.

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Legislative Update

Robert Gleason
Greater Fort Worth Association of 
REALTORS®
National Stage
• First Time Homebuyer Tax Credit
– Maximum Credit $8,000, Refundable
– No Repayment Requirement after 3 Years
– Full Amount of Credit Available for 
Individuals up to $75K/year, Couples 
$150K/year
– Effective for Purchases between January 1, 
2009 and December 1, 2009
National Stage
• National Banks in Real Estate Brokerage
– 2001 Treasury Department Proposal to 
allow National Banks to engage in Real 
Estate Brokerage
– Community Choice in Real Estate Act
– FY 2009 Omnibus Appropriations Act 
finalized separation between National 
Banks and Real Estate Brokerage
National Stage
• On the Horizon
– Mortgage Interest Deduction
– Energy Audits and Efficiency Standards
– Fannie Mae and Freddie Mac Reform
– What’s Next?
Texas Legislature
• New Speaker, New Dynamic
• Timeline – 7,146 Bills Filed, 140 Days
• Potential Special Session
– Stimulus Funding
– Voter ID
Appraisal Reform
• HB 8 allows for a methods and procedures audit and 
a property value study of appraisal districts
– Status: Sent to Calendars Committee
• SB 20/SJR 48 modernizes and updates appraisal 
methods and oversight of appraisal districts to 
ensure greater accountability and efficiency; would 
promote taxpayer fairness by streamlining the 
appraisal contest process.
– Status: Pending in Finance Committee
Appraisal Reform
• SJR 49 amends the constitution to ensure a state 
entity has enforcement authority over appraisal 
districts
– Status: Referred to Finance Committee
• SB 1008/HB 2447 would sunset the Board of Tax 
Professional Examiners
– Status: SB 1008 pending in Government 
Organization Committee, HB 2447 out of Licensing 
and Administrative Procedures Committee
Appraisal Reform
• HB 3454/SB 771 requires that all available evidence 
that is specific to the value of the property be 
considered in determining market value; also defines 
“comparable sale” to include only a sale occurring 
with 24 months of the date of the appraisal that is 
adjusted for changes in market value
– Status: SB 771 pending in Finance Committee, HB 
3454 sent to Calendars Committee
Sales/Transfer Tax on Real Estate
• SB 950, SB 934, HB 3163 all include a $10 fee on real 
estate transactions to fund the state Housing Trust 
Fund
– Status: All in committee
• Cost of a Transfer Tax:
– $955.5 million in lost economic activity, 11,575 
jobs lost
– (1%) 35,886 fewer households in Texas that would 
be unable to buy a home
Sales Price Disclosure
• HB 133, SB 444 and HB 2257 all impose mandatory 
sales price disclosure
– Status: HB 133 pending in Ways & Means, HB 
2257 pending in subcommittee, SB 444 referred 
to Intergovernmental Relations
• Concerns about mandatory sales price disclosure:
– Seller Concessions
– Commercial Property
– Transfer Tax on Real Estate
Eminent Domain
• HB 4, HB 1483, SB 533, SB 18 enhance private 
property rights protection when property is taken by 
governmental entities by eminent domain
– Status: All pending in committee
• HB 1537 relates to safety requirements applicable to 
pipelines in certain counties (for instance, Tarrant)
– Status: Pending in Energy Resources Committee
Transportation
• SB 855 by Carona and HB 9 by Truitt
– Allows certain counties around the state to hold 
countywide elections on transportation funding 
sources
– Taxes and fees from which voters could select 
include: new resident fees, vehicle registrations, 
gasoline taxes and parking fees
– Status: Passed by the Senate 21‐9, House to 
consider
Other Issues
• Budget
• Residential Fire Sprinkler Requirements
– HB 1511 gives consumers the option of refusing 
the installation of a fire sprinkler system in a 
newly constructed single family home
– Status: Sent to Calendars Committee
• Texas Windstorm Insurance (TWIA)
• Voter ID
And, Finally
• Texas Legislature Online
– http://www.capitol.state.tx.us/Home.aspx
• Municipal Elections May 9, 2009
• Questions?

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