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Capitol Update: February 26 | Opposing Increase of “Fee” on Real Estate Recordings

By Missouri REALTOR Party posted 02-26-2021 10:17 AM

  

Missouri REALTORS®,

With very few to no meetings in the House and Senate last week due to inclement weather, both bodies attempted to make up for the lost time this week, including REALTOR® members officially kicking off REALTOR® Days at the Capitol. First, the Senate met until after midnight on both Monday and Tuesday.  The Senate Third Read SS2 for SCS for SB 51 and 42; COVID liability. They could not adopt the emergency clause so the bill, assuming similar House action, will not become effective until August 28, 2021.

There were two hearings this week on issues that impact real estate. The first was Senator Lauren Arthur’s SB 368. The Missouri Housing Trust fund, a fund designated to assist with low-income housing, is currently funded by a $3.00 fee levied on real estate recordings. Current legislation proposes to increase that to a $9.00 fee. The “fee” is a tax on the transfer of real property. General Policy Guide 12-B states Missouri REALTORS® oppose real estate transfer taxes. Senator Arthur presented a strong case for the need for additional funding for the Trust Fund. My response was that while the case was there, we didn’t believe that requiring homebuyers to pay for the funding increase was appropriate.

The second hearing was on Representative Dirk Deaton’s HB 1095, heard before the House Committee on Economic Development and chaired by Representative/REALTOR® Derek Grier. Rep. Deaton’s proposal would increase tax credits for several benevolent tax credits while putting a hard cap of $80 million on the Low-Income Housing Trust Fund and making several additional changes to the program. We opposed the changes to LIHTC, stating that the Missouri Housing Development Commission was making great strides in modifying the program to lower the amount committed as credits and by adopting rules to increase transparency.

Circling back to REALTOR® Days, it was a great week for REALTOR® advocacy at the Capitol. On Tuesday, members of the Lebanon Board of REALTORS®, Pulaski County Board of REALTORS® and Three Rivers Board of REALTORS® met in Jefferson City to kick off REALTOR® Days for 2021. Wednesday, members of the Columbia Board of REALTORS®, Southern Gateway Association of REALTORS® and Franklin County Board of REALTORS® joined forces to advocate for Missouri’s real estate industry as well, including legislation impacting the REALTOR® Party. Amanda Mange, 2021 President of the Southern Gateway Association of REALTORS®, said it best, “It was a beautiful day to visit the Capitol!”

This coming week, March 2-3, members of the following Local Boards/Associations will be in attendance for REALTOR® Days.

 

  • Charles REALTORS®
  • Tri-Lakes Board of REALTORS®
  • Newton-McDonald Counties Board of REALTORS®
  • South Central Board of REALTORS®
  • Southeast Missouri REALTORS®
  • Mineral Area Board of REALTORS®


To learn more about REALTOR® Days, contact Erin Hervey, Vice President of REALTOR® Party and Local Board Relations, at erin@morealtor.com.

Sincerely,

Sam Licklider
Chief Lobbyist, Missouri REALTORS®

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