HBAI Executive Officer Jay Iverson and NAHB Federal Legislative Manager Julia Bogue had an excellent meeting with Senator Joni Ernst, although she did not believe that adding the tax credits into the Senate version has much of a chance. Both her and Senator Grassley believe the Senate version will be the basis of whatever ultimately passes.
Iowa Legislative Contingency a Hard Sell on Tax Credits
HBAI Executive Officer Jay Iverson participated in a DC fly-in this week with more than 50 builders from across the nation to hold meetings with key House and Senate Republican leaders and urge them to include a homeownership tax credit in tax reform legislation pending in both chambers of Congress. With tax reform moving rapidly on Capitol Hill, the builder fly-in is meant to highlight a major shortfall in each of the tax relief bills – a lack of a meaningful homeownership tax incentive.
Although just about anything can happen between now and the next two-week window, our Iowa lawmakers are dedicated to their respective House and Senate versions. As of yesterday, there was a movement to sunset the provisions in ten years, which will be harmful to our members as well. There will probably be a melting of the two versions, but no one seems to know for sure.Builders are urging lawmakers to rectify this situation by including a homeownership tax credit. The House and the Senate bills gut existing housing tax benefits by drastically reducing the number of home owners who can take advantage of mortgage interest and property tax incentives.
Congressman David Young, HBAI EO Jay Iverson, and NAHB Grassroots Program Director Michael Bezruki discussed the tax credits in detail and Congressman Young believes that the House version will prevail and will not be modified with the tax credits. Anything can happen between now and then and it might even happen this afternoon.
The homeownership tax credit would solve this problem. It would help up to 37 million additional home owners who do not currently itemize. Many of them are first-time home buyers or young couples with growing families who really spur the housing market. NAHB believes the tax credit is sound economic policy and good social policy that would allow more families to achieve a toe hold on the homeownership ladder. By marginalizing homeownership tax incentives, the Senate and House legislation threatens to reduce home values, act as a tax on existing home owners and force many younger, aspiring home buyers out of high-cost markets.However, there are differences between the two bills. While NAHB still opposes the current House tax reform legislation, the Senate bill represents a big step forward. Unlike the House bill, the Senate package provides meaningful tax relief for small businesses and keeps the complete Low-Income Housing Tax Credit in place.At the same time, NAHB believes that both the House and Senate legislation falls short in maintaining an effective homeownership tax incentive. We continue to work with lawmakers to achieve this goal as the legislative process advances. Learn more at nahb.org/taxreform, and see a visual explanation of the credit below:
Patterson & Farr Finalists in NAHB Awards – We’ll Know at IBS
Congratulations to Brandon Patterson (Des Moines), who has been named as a Region C finalist for the 2017 NAHB Young Professional Award! We will recognizing all finalists and awarding winners for each region during the meeting on Monday, January 8, 2018 from 5:30 pm – 7:00 pm in room W414A at the Orange County Convention Center.Congratulations to Mike Farr (Cedar Rapids & Iowa City), who was nominated for the 2017 Associate of the Year Award! Mark your calendar for the Associates of Excellence Awards Lunch taking placeWednesday, Jan. 10, 2018 in Orlando, FL during the International Builders’ Show® where all nominees will be celebrated! HBAI has a table at the Associates breakfast if you’re interested in attending. Just send an email to Jay Iverson.
Former Cedar Valley HBA EO Bruce Radue Passes Away
We were saddened to hear that former Cedar Valley HBA (Waterloo-Cedar Falls) Executive Officer Bruce Radue passed away November 10. Bruce served the HBA there for many years. Services will be held this Saturday, November 18 at Queen of Peace Catholic Church at 10:30 a.m. and visitation is 3:00-7:00 p.m. tomorrow at Hagarty-Waychoff-Grarup Funeral Home on South Street in Waterloo.
New Executive Officers in Sioux City and NW Iowa HBA’s
Please welcome Terri Schelm as the new executive officer of the HBA of Greater Siouxland. She takes over for Nancy Moos, who has served the organization for over 30 years. Terri was able to participate in our Leadership Symposium and the HBAI Board of Directors meeting last week and it was a pleasure spending time with her.Kendra Clayton is the new executive officer at the NW Iowa HBA (Okoboji/Sprit Lake area) and it’s great to have her on board. She replaced Amanda Harskamp.
Flood Insurance for Five Years…
The House approved legislation that would reauthorize the National Flood Insurance Program (NFIP) for five years and includes many NAHB-supported modifications to the program. In a letter of support sent to House members prior to the floor vote, NAHB said that H.R. 2874, the 21st Century Flood Reform Act, “reflects the principals of affordability, accessibility, predictability, and financial stability that NAHB believes must be part of the NFIP’s reauthorization.”Currently, anyone who owns or is purchasing a property within the 100-year floodplain, and has a federally-backed mortgage, is required to carry flood insurance. Failure to reauthorize the NFIP before it expires on Dec. 8 will cause the delay or cancellation of home sales across the country. To prevent disruptions to the housing market, NAHB asserts it is essential to have a timely reauthorization to ensure the Federal Emergency Management Agency has the necessary authority to make claim payments, provide mitigation assistance and fully implement the NFIP in a predictable and reliable manner.The Senate has yet to move any piece of legislation related to the NFIP through committee. The House vote will put pressure on the Senate to act, and NAHB will continue to urge Congress to pass a long-term NFIP reauthorization before the Dec. 8 deadline.
Don’t Forget about Travel Discounts
As a member, you are able to access discounts on travel. It’s always worth checking on – sign up, plug in your trip requests and check it against any of the other travel sites. More often than not, it’s significantly less expensive. It’s a $99 value, but costs you nothing as a member. Pass it on to family and friends too.
With your FREE Snazzy Traveler membership (valued at $99) you gain access to unlimited savings on thousands of hotels, cars, cruises, activities and more all year long. Go to:
When you enter in our code, you have to hit that “redeem” icon or else it acts like it wants credit card info and a $99 payment.