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May 3 Jones Street Update

The General Assembly has been working at a feverish pace all week, with both chambers holding marathon committee meetings and numerous bills receiving action. The House of Representatives spent the bulk of their week considering their budget package, while the Senate continued committee work in advance of next week’s crossover deadline. We will discuss all of this in detail below.

House Budget

As they do every legislative biennium, legislator’s central piece of work is the development of the state’s two-year budget. Each chamber gets the opportunity to start the process and this year it was the House of Representative’s turn.  House Bill 966 includes their version of this year’s budget. [NOTE: As of the drafting of this article, the budget had passed its 2nd reading, but will receive its 3rd reading later today (Friday, May 3).

The budget text package and its accompanying committee report total 829 pages and include appropriations of more than $24 billion in each of the next two years.

Also included in the package are multiple issues of interested and importance to NC REALTORS®.

These include the following:

  • Creates a new financial literacy course which will be a graduation requirement for high school students.
  • Extends the sunset of the state Historic Preservation Tax Credit to January 1, 2024. Currently, the credits would sunset on January 1, 2020. [NC REALTORS Legislative Day Talking Point]
  • Provides additional monies for Hurricane Florence disaster relief efforts (roughly $113 million), including up to $1 million to provide relief and assistance to the City of Greensboro for recovery from damage caused by the April 2018 tornados.
    • $2 million from these funds is required to be allocated to the Department of Public Safety, Division of Emergency Management for the creation of a flood insurance pilot program. The pilot program will provide the full cost of two years of flood insurance premiums for 1,667 residential property owners.
  • Increases the standard deductions for all categories by an average of $515. These changes would be effective for the 2021 taxable year.

Once approved, the budget will move to the Senate where a similar process of consideration by the various subcommittees will commence in the next few weeks.

Additional Bills

With the crossover deadline looming on Thursday (May 9), we are seeing longer than normal committee hearings as both chambers try to ensure their bills are eligible for discussion through the remainder of the biennium. We expect to have a much longer list in next week’s Advocate, but we wanted to call your attention to one of NC REALTORS® Legislative Priorities which will be brought to committee next week.

House Bill 620 “Subdivision Streets/DOT Acceptance” will be heard on Tuesday (May 7) in the House Transportation Committee. This bill addresses the significant issue we continue to see across the state with a lack of knowledge regarding the maintenance responsibilities of subdivision streets and the impact on homeowners in these areas. We will provide a full update of this committee hearing in next week’s Advocate.

Be Epic. Be an NC REALTOR®.