Governmental Affairs Rochester Chapter

September 25, 2019

From the Desk of Joe Rowley, Jr., RAC NYSCAR Governmental Affairs Chair:

The State Legislation passed a bill requiring the inclusion of an additional 2.5 hours of ethical business practices and 1 hour of legal updates in the core continuing education requirements.  This increases the mandatory continuing education component from 4 to 7.5 hours. The Bill also removed the grandfathering exemption for licensees with 15 years of continuous licensing prior to 2008. This has NOT been signed by the Governor, but sits on his desk.

Other major issues discussed at the NYS Association of Realtors Commercial Issues Working Group on September 24 focused on the Tenant Reform and Rent Controls Laws that recently past. This has led to a perceived lower value for multi-family owners  due to longer time frames to evict non-paying tenants and by potentially capping future rents. Community Preservation Funds can now be set up by each county, with the coffers to be filled with an additional percentage added onto the transfer tax. The Cease and Desist List, currently in effect in some NYC areas, prevents any contact for any reason similar to the Do Not Call List.

The Bill to tax housing sales 25% if they were purchased and sold within one year (Flip tax) did not pass, though will continue to be a topic of concern. The proposal to reduce the NYSDEC's Wetland jurisdiction from 12.4 Acres to 1 Acre was not advanced either, a positive note for developers.

It appears that Flood Insurance will get another short-term extension, though very short, hopefully, with the thinking a long-term solution is a month away. Terrorism Insurance expires in 2020; that is hoping to be extended by the Federal Government also.


February 22, 2019

The 2019 FEDERAL ADVOCACY AGENDA:

The National Association of REALTORS® (NAR) represents 1.3 million residential and commercial practitioners involved in all facets of the industry as brokers, sales agents, property managers, appraisers and counselors. As the largest professional trade association in the United States, NAR advocates policy initiatives that promote and protect a dynamic U.S. real estate market fostering homeownership and investment opportunities for qualified purchasers of real property. Read about the following public policy initiatives that NAR will focus on in 2019, which includes information on Federal Taxes and Real Estate and Opportunity Zones:

Federal Taxes and Real Estate

The Tax Cuts and Jobs Act was enacted in December, 2017 and is generally effective as of January 1, 2018. The new law includes many changes that will affect residential and commercial real estate, as well as real estate professionals. As with most major legislation, many details as to how the new law will be applied and administered have been left to regulators (Treasury Department and Internal Revenue Service). Treasury and IRS officials have already begun to issue guidance on the bill and more is expected over the coming weeks and months. NAR is monitoring the process carefully and will be weighing in as necessary to help ensure the most positive outcome for real estate and practitioners as possible.  Read the full article on the NAR website.


January 2, 2019

FROM OUR RAC NYSCAR AFFILIATE MEMBER HARRIS BEACH PLLC:

New York's First Comprehensive Lobbying Regulations Take Effect January 1, 2019

On January 1, 2019, new lobbying regulations go into effect in New York. Developed by the Joint Commission on Public Ethics (JCOPE), these regulations apply to organizations and individuals registered as lobbyists or clients of a lobbyistRead Full Article.

View 2018 Governmental Affairs Archive