CALIFORNIA ASSOCIATION OF REALTORS

INS · Insurance

H.R. 1105 - the Disaster Resiliency and Coverage Act; The bill would incentivize and facilitate property mitigation and hardening efforts through tax incentives and grants to combat the rising costs of insurance. C.A.R. discussed increased costs and difficulty with obtaining homeowners insurance in California.

Literal federal measure citations: H.R. 1105

TAX · Taxation/Internal Revenue Code

H.R. 1340 - More Homes on the Market Act: Doubling and indexing for inflation the exclusion to capital gains on the sale of a primary residence. H.R. 2410 - Revitalizing Downtowns and Main Streets Act: Facilitates the conversion of vacant and underutilized commercial buildings into residential and mixed-use developments. H.R. 3526 - Uplifting First-Time Homebuyers Act: Increases the amount first-time buyers can withdraw from their IRAs without penalty from $10,000 to $50,000 to help with down payments. Efforts by Congress to pass a reconciliation package and provisions that would impact real estate. Issues including the mortgage interest deduction, and the cap on the state and local tax deduction (SALT). Discussed with Congress bills from previous sessions of Congress that would create a tax incentive to offset the cost of converting commercial real estate space to residential units.

Literal federal measure citations: H.R. 1340, H.R. 2410, H.R. 3526

HOU · Housing

H.R. 2840/S. 1299 - Housing Supply and Affordability Act: Establishes a task force to develop ways states and cities can reduce regulatory barriers and boost housing production across the country. H.R. 3696 - Fair and Equal housing Act: Codifies equal housing protections for LGBTQ+ Americans by adding sexual orientation and gender identity to the Fair Housing Act. H.R. 4023 - American Dream for All Act: Would create a downpayment-assistance shared-equity program to help first-time homebuyers. C.A.R. discussed the future of Fannie Mae and Freddie Mac, and potential efforts to take them out of conservatorship. C.A.R. discussed recent changes to California condo balcony inspection law and its impact on condo qualifications for conforming loans.

Literal federal measure citations: H.R. 2840, S. 1299, H.R. 3696, H.R. 4023

LBR · Labor Issues/Antitrust/Workplace

H.R. 3495 - the Direct Seller and Real Estate Agent Harmonization Act: Would align the Fair Labor Standards Act with the U.S. tax code to ensure real estate agents can choose to do business as employees or as independent contractors.

Literal federal measure citations: H.R. 3495