Senate Approves Extension of National Flood Insurance Program

img_0100On Thursday, September 7, the United States Senate voted to pass a three-month extension of the National Flood Insurance Program (NFIP). The House of Representatives is expected pass the legislation on Friday, September 8, 2017 and the President is expected to quickly sign the bill into law later in the day.

This legislation ensures that the NFIP will not lapse on September 30, 2017, and will be extended until December 8, 2017.

Source: National Association of Realtors® (NAR)

Early Voting Underway for Charlotte Primary Election

Early Voting is now underway in the City of Charlotte’s September 12th Primary Election, and will expand after Labor Day to nine convenient sites around town. Dates, times and locations are below:

Click Here to see which candidates REBIC has endorsed in the September 12th Primary Election.

Primary Voting Calendar

Brand New Changes To Sales Tax On Labor

Last Friday, Governor Roy Cooper signed SB 628 (various changes to the revenue laws), which among other provisions, contained several clarifying changes to sales and use tax on labor applicable to residential construction.

Click here to view a brief description of the sales tax law supported by the North Carolina Home Builders Association (NCHBA).

(Source:  NCHBA)

General Assembly Passes Tax & Regulatory Reform Bills During Daylong Session

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Returning to Raleigh for a brief session last Thursday, the North Carolina General Assembly completed work on two bills that will provide clarity to the state’s tax law and reduce the cost of redevelopment.

Both chambers agreed to a conference report for SB 628 (Various Changes to Revenue Laws). This bill contains numerous provisions sought by our legislative team to simplify and clarify recent changes to sales tax on repair, maintenance, and installation (RMI) services. Perhaps the most significant change increased the “mixed transaction” threshold (which is a project that includes both a capital improvement and one or more RMI services).

Under current law, if the RMI portion of the project is less than 10%, it is exempt from sales tax on labor. This bill increases the percentage to 25% or less of the cost of the entire project. This increase means that most traditional residential remodeling jobs will be exempt from sales tax on labor even if they include significant repair items unrelated to the remodeling. New construction is already exempt from sales tax on labor because, by definition, it is a “capital improvement.” Continue reading

EPA Releases Rule to Withdraw WOTUS

IMG_0072Fulfilling a portion of an executive order by President Donald Trump, the EPA and U.S. Army Corps of Engineers have released a proposal to rescind the Waters of the United States rule that expanded federal jurisdiction under the Clean Water Act.

The proposal (link is external) published in the Federal Register on Thursday, July 28 would nix the 2015 WOTUS rule and reinstate the definition of the streams and wetlands subject to federal oversight under the act that existed prior to its finalization.

The publication of the proposal constitutes the first part of a two-step process to meet the Feb. 28 executive order directing the rule’s review. The second step will be “a separate notice and comment rulemaking that will consider developing a new definition” for the extent of federal jurisdiction under the act, say the EPA and Corps in a pre-publication copy of the proposed rescission.

The embattled regulation was stayed by the 6th Circuit Appeals Court in October 2015. The rule’s opponents have said it defined federal jurisdiction too broadly and granted undue control to the government.

Repeal of WOTUS would be a major victory for property owners across the nation, and has been heavily supported by the National Association of Realtors® (NAR), the National Association of Home Builders (NAHB) and other industry groups.

Source: National Association of Realtors®

 

Charlotte Updating Land Development Standards Manual

Development Services

The Charlotte Land Development Standards Manual (CLDSM) Committee determined that updates are required to various City land development standard details.  Throughout the month of July, a PDF file of the draft revised details is available for download from the CLDSM webpage at http://charlottenc.gov/cldsm for public review and comment.  Prior to the proposed effective date of July 31st, 2017, please provide any feedback or comments on the proposed changes via e-mail to Brendan Smith, E&PM Land Development Division at bmsmith@charlottenc.gov.  Also, if you haven’t already, be sure to click the “Notify Me” icon at the top of the page http://charlottenc.gov/cldsm to add your e-mail address to the notification list to stay up to date on future announcements and revisions of the standards manual.

(Source:  Engineering and Property Management – Land Development Division)

 

General Assembly Adjourns, Sending Key Building Industry Bills to Governor

legislative_building_5The 2017 Session of the North Carolina General Assembly adjourned at 2 a.m. on June 30th, after one of the most hectic weeks of legislative activity in memory. With much left undone, legislators announced they will return to Raleigh on August 3rd to consider a limited range of topics (e.g., any veto overrides, bills that were in conference at the end of the session, potential redistricting issues). Further action on other legislation must wait for next year’s “short” session, set to convene on May 16, 2018.

The key legislation for the real estate and building industry are summarized below: Continue reading