Due to our new website and database launching later this month, member login access on the NC REALTORS® website will be disabled from Nov. 26 - Nov.30. All member-only transactions, registrations, and functions requiring a login will not work. Please plan accordingly. Click here for more information.
Important Tax Notice from the NC Department of Revenue regarding Linen Tax
Last week, the North Carolina Department of Revenue issued a notice discussing changes to the state tax code related to taxation of linens as part of a rental lease or accommodation. As you may remember, we have been working on this issue for some time due to disagreement in the existing statute which led many vacation rental managers to be unnecessarily accessed tax penalties. The issue was clarified in Senate Bill 582 and was passed in August. You can read the entire notice here.
Please consult with an attorney or accountant to understand how these changes may affect your business.
REALTOR® Party Mobile Alert Challenge—ROUND 2 is still going strong!
More than 150,000 REALTORS® across the country have signed up to receive REALTOR® Party Mobile Alerts…Have you?
There is still time to participate in the second round of the REALTOR® Party Mobile Alert Challenge where you can be entered to win a $250 Visa gift card by signing up to receive these valuable advocacy text messages. This Challenge will end on October 31!
There are 3 ways to enter the Challenge:
1. Text "NC REALTORS" to 30644
2. Sign up on the REALTOR® Action Center Mobile Alerts page
For complete Challenge rules, click HERE.
And as an added BONUS, NAR is conducting their own contest for sign-ups with the prize of a $500 Amazon gift card. You can even use the same three ways to sign-up to enter this contest. Rules apply to this contest.
Invest in NC REALTORS® PAC**
Have you made your investment in NC REALTORS® PAC for 2017? If not, INVEST TODAY!
Lobbyist at your Door
NC Homeowners Alliance holds Town Hall in Hickory
On September 27th, the NC Homeowners Alliance and Catawba Valley Association of REALTORS® sponsored a town hall with Senator Andy Wells and Representative Jay Adams. Hickory homeowners and REALTORS® had the opportunity to ask questions about what these legislators are doing to protect the rights of NC homeowners. The forum provided insight into the most recent legislative session and prepared attendees for the issues that may be covered in the upcoming special sessions and next year’s short session.
The Alliance will be hosting events like this across the state to keep homeowners in the loop about important pocketbook issues. If you would like to see us in your community, visit our website to see our schedule of upcoming events. Do not forget to share us with your friends, family, and neighbors!
Federal Tax Reform on the horizon
On Wednesday, Congressional leaders and administration officials released an outline for comprehensive tax reform that if enacted, according to the National Association of Realtors®, could lead to a tax on homeownership for millions. According to their framework for tax reform, changes to the current tax code would eliminate important provisions, such as the state and local tax deduction, while nearly doubling the standard deduction and eliminating personal and dependency exemptions. NAR believes the result would all but nullify the incentive to purchase a home for most, amounting to a de facto tax increase on homeowners, putting home values across the country at risk and ensuring that only the top 5 percent of Americans have the opportunity to benefit from the mortgage interest deduction.
Make sure to follow NAR and NC REALTORS® as this important issue develops.
Important Notice from the NC Department of Revenue
On September 6, the NC Department of Revenue released a notice regarding a grace period for the Sales Tax Base Expansion Protection Act. Due to legislative action this year, NCDOR will not be able to assess any tax due for the filing period beginning on or after March 1, 2016, and ending before January 1, 2018, if certain conditions apply. A number of these conditions apply to services related to real property such as repair, maintenance, and installation (RMI) services, taxation of home warranties, and others.
A complete list is available in the notice: http://www.dornc.com/taxes/sales/impnotice090617_expansion_protection_act.pdf
Thank you for taking action!
Thank you to the 3,150 NC REALTORS® (12.7%) who took action in the NAR Call for Action asking Congress to protect the National Flood Insurance Program (NFIP). While we were unfortunately short of our participation goal of 20%, we were successful in our advocacy efforts, at least for a little while.
On September 8, President Trump signed into law a $9 billion relief package for those affected by Hurricane Harvey, and included in that legislation was a 3-month extension for the NFIP. Though this is not the complete win that we were looking for, this does protect the program that so many people around the country rely on until December. NAR and NC REALTORS® will continue our advocacy efforts to ensure that additional reforms are made to the NFIP, and that is protected for years to come. Please continue to watch for upcoming emails on how you can remain involved and make sure that the REALTOR® voice is heard!
Donate to the REALTORS® Relief Foundation to support Harvey relief
As a REALTOR®, one of the easiest ways to help those affected by Hurricane Harvey and the resulting flooding is by donating to the NAR REALTOR® Relief Foundation (RRF). 100% of your donation goes directly to assist storm victims to get back on their feet and help rebuild their homes.
Take a minute and DONATE to the RRF.
Let's show how much #NCREALTORSCare!
**Contributions to RPAC are not deductible for federal or state income tax purposes. Contributions are voluntary and are used for political purposes. Suggested amounts are merely guidelines and you may contribute more or less than the suggested amounts. The National Association of REALTORS® and its state and local associations will not favor or disadvantage any member because of the amount contributed or a decision not to contribute. You may refuse to contribute without reprisal. Your contribution is split between National RPAC and the State PAC in your state. NC RPAC supports the efforts of National RPAC and contributes a portion of its contributions to National RPAC. Contact your State Association or PAC for information about the percentages of your contribution provided to National RPAC and to the State PAC. The National RPAC portion is used to support federal candidates and is charged against your limits under 52 U.S.C. 30116. In-kind contributions/donations are not included for the purposes of the National RPAC State PAC split. NC law requires political committees to report the name, mailing address, job title or profession and name of employer or employee's specific field for each individual whose contributions aggregate is in excess of $50 in an election cycle. Contributions can only be accepted from individuals in the form of personal checks or credit cards. Contributions from corporations or business entities cannot be accepted. This solicitation was paid for by NC RPAC.