Capitol Connection – May 2016
Sine Die!
Wednesday, May 11th, the final gavel came down on the second session of the 70th General Assembly. In total, 789 bills were introduced. CAR tracked 65 bills this year and took a position on 37 of them. A split Legislature this year with Republicans controlling the Senate and Democrats controlling the House meant every bill sent to the Governor for his signature had to have bipartisan support.
The Legislative Policy Committee (LPC) was busy tracking many different bills that would affect our industry. CAR is very pleased to announce that we were successful in helping pass many of our legislative priorities this session. The First-time Homebuyer Savings Account Bill HB 16-1467, was sent to the Governor on Tuesday May 10th thanks to the leadership of co-sponsors House Majority Leader Crisanta Duran (D – Denver), Representative Joe Salazar (D – Thornton), Senate Majority Leader Mark Scheffel (R – Parker), and Senator Beth Martinez-Humenik (R – Thornton) . Prospective Colorado first time homebuyers, and the State, will benefit by their leadership.
A First-time Homebuyer Savings Account (FHSA) allows any Coloradan to set aside up to $50,000 toward the costs of purchasing a new home. The earnings on those funds — interest and capital gains — are free from Colorado state taxes forever. FHSAs are a great way for future homeowners to start saving early for the costs of buying a home. These accounts will be simple and easy to set up. Not only can you open a new one, you can also transfer money from one existing savings account to a FHSA. To create an FHSA, you simply include a form (promulgated by the Department of Revenue) when you file your state taxes designating the qualified beneficiary. A qualified beneficiary can be a child or grandchild, or the account holder may designate himself or herself as the qualified beneficiary.”
A special thank you to all our members who participated in our call for action this week to help us get this bill passed through the legislature in the final days of session. We had an incredible response with over 900 people taking action. You helped us demonstrate the importance of this legislation for Colorado first-time homebuyers at the Capitol.
CAR initiated HB16-1286, Increase Wildfire Mitigation Income Tax Deduction, sponsored by Representative KC Becker (D- Boulder) and Senator Jack Tate (R – Centennial) was sent to the governor on May 6th. The bill increases the percentage of the wildfire mitigation state income tax deduction from 50 percent to 100 percent of the costs incurred for performing wildfire mitigation on a taxpayer’s property. The tax deduction cannot exceed $2,500 per income tax year or the total amount of the taxpayer’s federal taxable income, whichever is less. The increased income tax deduction will be available for tax years 2017 through 2019.
CAR initiated HB 1286 because it is a targeted and reasonable policy solution that provides financial resources for homeowners to better prepare for and mitigate wildfire risks. This policy focuses on incentivizing activities that reduce the risk of wildfire and have a long-term impact in changing property owner behavior leading to increased protection of homeowner property.
We would like to extend a sincere thank you to all of the members of the LPC for your hard work and dedication throughout this session. Thank you to our subcommittee chairs: Dave Moloney – Business/Taxation, Stew Meagher – Housing, John Mitchell – Land Use, Jack Beuse – Regulatory and Barb Asbury – Water. Additionally, thank you to Dave Kupernik, 2016 LPC Chair, and Sean Dougherty, 2016 LPC Vice Chair, for all of your time and effort this year.
NAR Midyear Meetings in Washington, DC
Thank you to all the members who took time out of their busy schedules to attend the REALTORS® Legislative Meetings & Trade Expo in Washington, DC this week! We were able to meet with the entire Colorado Congressional delegation. These meetings are an important opportunity to share our REALTOR® perspectives and ask them to support the REALTOR® issues.
Save the Date: Western Slope Wildfire Awareness and Mitigation Program
Wednesday, May 25, 2016 at 10:00AM
Log Hill Volunteer Fire Department HQ, in Ouray County near Ridgway
Join Colorado REALTORS®, Project Wildfire and the West Region Wildfire Council to learn how you can help your clients and friends reduce the risk of wildfires.
What is Colorado Project Wildfire?
Developed by the Colorado Association of REALTORS®, Project Wildfire is designed to help reduce the destruction of land, property, and lives. Working in partnership with other like-minded fire prevention organizations across the state, local REALTOR® associations are bringing education and awareness, as well as access to resources, directly to residents in their local communities. To learn more about Colorado Project Wildfire, click here.
Invest in RPAC
The purpose of RPAC is to support candidates that support REALTORS®. Our goal is to get pro-REALTOR® candidates elected at the local, state, and federal levels – candidates that share our support for homeownership, protect property rights, and who will listen to our concerns. Investing in RPAC is one of the easiest things you can do to protect your business. Click here to invest today!