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Governmental Affairs

 

 

 

The Greater Springfield Board of REALTORS® works with Springfield City Government and Greene County officials to improve communication with our REALTORS® and we monitor Christian and Webster county goverments and legislation in all cities in the Board jursidiction.

 
We study and make recommendations to our Board of Directors on any issues concerning real estate matters and are responsible for keeping up-to-date on state and national legislation affecting real estate. Our goal is to organize and lead appropriate Board action to oppose undesirable laws and unjust taxes. We strive to ensure enactment of sound and worthwhile legislation.
 
In January of each year a group of us attends the Capitol Conference were we meet with our State Legislators to discuss our concerns about upcoming issues facing the real estate industry.
 
If you have any questions or concerns regarding Legislative Issues, please contact Sylvia Derks email SDerks@gsbor.com or Lynn Gephardt email  LGephardt@gsbor.com .

Latest Legislative News

07/24/2012 - Health Insurance Reform
Health Care Reform
3.8% Tax to go into Effect in 2013
 
The health care legislation enacted in 2013 included a new tax that was designed to affect upper income taxpayers. The 3.8% tax is imposed ONLY on those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return). The tax applies to investment income, defined as interest, dividends, capital gains and net rents. These items are all included in an individual's AGI. A formula will determine what portion, if any, of these types of investment income would be subject to the tax.
 
The tax is NOT a transfer tax on real estate sales and similar transactions. Not long after the tax was enacted, erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding and made the tax into something far more draconian than the actual provisions.
The new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal residence. Thus, ONLY that portion of a gain above those thresholds is included in AGI and could be subject to the tax.
 
REALTORS® should familiarize themselves with the tax, but should not advise their clients about the application of the tax. The amount of tax will vary from individual to individual because the elements that comprise AGI differ from taxpayer to taxpayer.

The above information comes from the National Association of REALTORS®. dated on 02-27-2012
 
Below is some additional in-depth information.
 
NAR Myth Busters -2 email chains have been circulated among members and are generating a lot of confusion for REALTORS®. Both are incorrect.
 
Brochure – The 3.8% Tax RE Scenarios & Examples

NAR Frequently Asked Questions Health Insurance Reform