On September 13th, a few of MCAR's Board Members met up with Michigan Realtors®
West Michigan Public Policy Director, Doug Merriam, for a Legislative Update (along with Brad Ward and Brian Westrin), a State Capitol Tour, a meeting with 70th District Representative Jim Lower and Lunch with 33rd District State Senator, Judy Emmons!
Important topics of conversation included:
SB 329 and HB 4503 – Short-Term Property Rental Rights – SUPPORT
Help us protect short-term property rental rights
. It is becoming increasingly popular for local governments to entertain the idea of banning short-term private property rental. Rental rights are key to the value of ownership and important to the culture of many communities around Michigan. Help us preserve Michigan vacation rental options!
SB 511 and SB 512 – Homebuyer Savings Account – SUPPORT
Legislation has been introduced to create a savings account for a first time homebuyer to purchase a Michigan residence.
Working in the spirit of how one can currently save for educational expenses, we’d like to see Michigan follow the lead of four other states. Allow one to deduct funds saved from income tax while letting investment gains grow tax free. Given the student loan debt concerns facing potential property owners in the coming years, this tool would support our local markets in the long run. It also allows those that have not been owners of a principal residence in the last three years to utilize this vehicle, helping transition clients out of renting and back into ownership given that recent economic challenges.
HB 4643 – Clarification of Real Estate Transfer Tax Exemption (u) – SUPPORT
Legislation was introduced to honor the intent of SRETT Exemption (u) for new construction sales
. Recent legislation passed to allow a seller to compare the SEV upon that sale with their SEV of that property purchase to potentially show decline in value as rationale of requesting a Michigan Transfer Tax refund. Realtor® and State Representative Dave Maturen’s legislation will clarify application to SEVs of purchase on unimproved land.