Federal Proposal to Reduce Mortgage Interest Deducibility
The Obama Administration has recommended, as part of its budget proposal, that the amount families earning more than $250,000 year can deduct for mortgage interest be reduced. NAR and C.A.R. are steadfastly opposed to any attempt to modify the mortgage interest deduction because it may affect the value of all property and both are working to develop plans to ensure that the proposal is not included in the budget eventually passed by Congress. Please note that while the administration has proposed these changes, they are not yet in any legislation. Please stay tuned for a future Call-for-Action.
State Water Board Will Revisit Regulations
Pressured by public outcry over the proposed regulations of septic systems, the State Water Board has indicated that it will try and respond to extensive comments on its new regulations. When revised regulations are released, the public will again have the opportunity to comment on them. Thanks very much to so many of you for submitting comments and attending workshops on this issue. Without your active participation in this process, it is likely that the original proposals would have been implemented as planned. Our next concern is to ensure that the subsequent set of proposals do not include point-of-sale mandates. C.A.R. will continue to keep you posted.
Carbon Monoxide Bill Reintroduced
SB 182 (Lowenthal) is a re-introduction of a bill vetoed last session. It is designed to require the installation of carbon monoxide (CO) alarms in privately owned dwelling units that are potentially at risk to CO poisoning. C.A.R. is working with the author and sponsors to ensure that the bill does not include requirements that properties be retrofitted at point-of-sale.
Copyright © 2009 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
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