Thursday, October 7, 2010 2:00 p.m. - 3:30 p.m. Anaheim, California
Presiding: Dennis Badagliacco, Chair Patricia Bouie-Hinds, Vice-Chair
Issue Chairs: Virginia Butler, Property Tax Skip Zeleny, Government Finance David Zigal, Commercial Investment Phil Schafer, Transaction Tax
Liaisons: Kevin Brown, Executive Committee Liaison Becky Blair, NAR Commercial Alliance Committee Representative Leslie Munger, NAR Federal Taxation Committee Representative
CAR Staff: Christopher Carlisle, Legislative Advocate Matt Roberts, Federal Government Affairs Manager
I. Welcome and Opening Comments
II. State Taxation Issues
A. Action Items:
1. Fannie and Freddie Cannot Finance Mortgages with Contractual Assessments Having Lien Priority; Federal Issue: Should C.A.R. support federal legislation requiring Fannie Mae and Freddie Mac to finance loans with Property Assessed Clean Energy (PACE) or PACE-like liens? State Issue: What, if anything, should the state of California do in response to the Federal Housing Finance Agency announcing that Fannie Mae and Freddie Mac are prohibited from financing mortgages in which a PACE or PACE-like lien would have priority superior to that of the Fannie Mae or Freddie Mac lien?
2. Senior Citizen Property Tax Postponement Program May Be Resurrected Without Funding: Should C.A.R. support helping low income seniors postpone their property taxes?
3. Ballot Propositions: What position should C.A.R. take on the following ballot propositions?
a. Proposition 21: State Parks and Wildlife Conservation Trust Fund Act. b. Proposition 22: Local Taxpayer, Public Safety, and Transportation Protection Act of 2010. c. Proposition 24: Repeal Corporate Tax Loopholes Act. d. Proposition 25: Passing the Budget on Time Act of 2010. e. Proposition 26: Increase the Vote Requirement for State Levies and Charges to Two-Thirds. f. Proposition Number Pending (February 2012 Ballot): HOPE 2010: California Cancer Research Act.
B. Discussion/Reporting Items:
1. Government Finance – Skip Zeleny, Issue Chair
a. SB 1123 (Negrete McLeod) Expansion of DRE “Poison Pill” to Special Funds b. Capital Gains 1. SB 1416 (Walters) Senior Capital Gains 2. SB 10 of the Sixth Extraordinary Session (Dutton) Capital Gains c. Contractual Assessments 1. AB 1755 (Swanson) Seismic Safety Finance Act 2. AB 2182 (Huffman) Sewer and Septic Improvement Contractual Assessments
2. Commercial Investment – David Zigal, Issue Chair
a. AB 1103 (Saldana) Commercial Building Energy Star Benchmarking Program b. 1031 Property Exchanges 1. AB 2640 (Arambula) 1031 Property Exchanges 2. SB 1316 (Romero) 1031 Property Exchange Limitation c. AB 2492 (Ammiano) Split Roll
3. Property Tax – Virginia Butler, Issue Chair
a. SB 1415 (Walters) Property Tax Portability b. SB 1430 (Walters) Senior Citizen Property Tax Exemption
4. Transaction Tax – Phil Schafer, Issue Chair
a. AB 1919 (Davis) Survey Monument Preservation Fund
III. Federal Taxation Issues A. GSE's Proposed Guidlines on Private Transfer Fee B. 1099 Reporting C. Bush Tax Cuts & Estate Tax D. Fiscal Commission