A new Republican Governor coupled with very focused leadership in both the House and Senate means that for the first month of the session the House and Senate have been occupied passing issues that for the past eight years would have met with a veto and, in many cases, less than 109 votes in the House needed for a veto override.
That changed some this week. On Monday at 1:00 PM the House Committee on Ways and Means will hold a hearing on HB 563, the First-Time Homebuyers Savings Account Act. Sponsored by Rep. Becky Ruth, a REALTOR® from Festus the act provides for an account, not unlike the familiar 529 account for higher education savings. It allows a deduction equal to fifty percent of a taxpayer’s contribution to the account up to a maximum contribution of $32,000 for taxpayers who file the maximum contribution the deduction would amount to $16,000. All income from the account is untaxed if the account is used for the purchase of a home by a first-time homebuyer.
On Tuesday, February 14, though it’s not been posted, there is a probability that the House Committee on General Laws will hear HB 608 and HB 632. Both bills deal with short term rentals or the assessment of short-term rentals. If you are interested in this issue and plan to attend the hearing, please verify that the hearing will take place. By clicking here, you will be taken to the House hearing list.
HB 608 is intended to protect the ability of owners to offer short term rentals, and HB 632 is intended to protect those who offer short term rentals from having their property assessed as for the entire year in which short-term rentals are offered.
UPDATE: HB 608 and HB 632 will not be heard on Tuesday, February 14. I will keep you informed of the new timeline. We expect the hearing will be the following week on February 21. Keep an eye on this thread for more details.