North Carolina Association of REALTORS
Yearly Legislative Meetings
June 16 – 18
FRAR members in attendance: James Sherrill, Queen Wheeler, Steve Cohen, Wendy Harris, Chet Oehme, Jimmy Townsend, Cheryl Spears, Pat Spears, Willy Snow, Jay Dowdy, Grisel McGurty, David Evans, Zan Monroe, Jane Cannon, Debbie McFayden, Angie Hedgepeth
What Happened: Members across the state convened in Raleigh for Association meetings and yearly legislative visits. During the NCAR Legislative Forum, Governor Pat McCrory spoke with NCAR REALTORS®. The following are a few of his talking points.
- Currently their is <1 billion owed to the federal government vs. 2.4 billion in 2012
- For the first time in 8 years, unemployment is below the national average
- Main priorities for the administration are the economic and transportation plans
- The question remains on how to connect the smaller NC towns with major throughfares
- The past transportation bills were built on politics. Road building should be based on safety, conjestion and economics
- Historic Tax Credit – “I’m a firm believer in the tax credit…small, rural towns need it”
- Tax Refrom – “We heard from you, believe me”
Q & A:
Q – Any possibility that the income tax will eventually go away?
A – “In the short term, I don’t see that happening. I have to make sure I’ve got enough money. The lowest it could go is 3% percent if it meets certain benchmarks”
Q – What about the Wilmington (Filmington) tax credits?
A – “The tax credit should be based on buildings and long term infrastructure not for something that moves out in weeks.” ___________________________________________________________________________________________________ On Wednesday, the Fayetteville Association of REALTORS® met with the Fayetteville delegation to discuss the 2014 NCAR Legislative Agenda. Senators Wesley Meredith, Ben Clark and Representatives Marvin Lucas and John Szoka were in attendance. Absent were Representatives Rick Glazier and Elmer Floyd.
Legislative Agenda in Brief:
Non-Commercial Leaking Underground Storage Tank Fund – proposal in Raleigh is to eliminate the fund. Eliminating the fund would be catastrophic to the non-commercial real estate market. Financing and title issues could halt the market in areas where underground storage tanks are prevalent.
Historic and Mill Rehabilitation Tax Credits – proposal in Raleigh is to eliminate the credit. The credits provide investment and create over 1,000 jobs each year. They preserve important pieces of NC history, increase property values and promote tourism.
Sidebar: since 1976, Fayetteville has received over 3 million in historic tax credits
Homeowners Insurance Changes – House Bill 519 creates transparency and fairness in the insurance rate-setting process. It requires the NC Rate Bureau to use (1) More than one projection model when determing risk (2) North Carolina-specific date, and (3) historical data
Real Estate License Exemptions – Senate Bill 734 would expand the exemption for licensure in a way that is dangerous for consumers. It will allow unlicensend employees of LLCs to sell or rent the property owned by that entity, and further allows employees of management companies to sell or lease without a license. NCAR opposes this legislation.