Meeting NotesTaxation Committee Hendricks/Kamilos/Baker Rooms Sheraton Grand Hotel Sacramento, CA Thursday, June 7, 2007 8:30 AM – 11:00 AMPlease Note: Only the C.A.R. Board of Directors may take action on behalf of the California Association of REALTORS®; not individual committees. The Summary of Action Items for the Board of Directors may be found at:http://www.car.org/index.php?id=Mzc1MzU.The archive section for each committee, including meeting materials for each committee, may be found at:https://www.car.org/index.php?id=MjMy. Set out below is a summary of Taxation Committee activity, including the additional action on those items (if any) by other C.A.R. bodies.CALL TO ORDER
The Chair convened the meeting of the Taxation Committee at 8:30 AM.ACTION ITEM – Accommodators/Qualified IntermediariesA motion was made and seconded:That C.A.R., in conjunction with NAR, look into the issue of accommodators/qualified intermediaries of 1031 exchanges (including but not limited to oversight and/or regulation) and how to safeguard exchanging taxpayers and our industry members vis-a-vis the practice of accommodators/qualified intermediaries.
Taxation Committee: Approved Federal Issues Committee: Approved Executive Committee: Approved Board of Directors: ApprovedACTION ITEM – Tax IncentivesA motion was made and seconded:That C.A.R., in conjunction with NAR, support tax credits, deductions, or similar tax incentives designed to encourage owners to make improvements to real property in order to conserve energy, mitigate potential damage from natural disasters and/or satisfy environmental goals related to natural resources and wildlife. Support for tax legislation containing such incentives will be balanced against the competing pressures of real estate-relatedtax provisions that could be created to “pay for” these incentives.Taxation Committee: Approved Federal Issues Committee: Approved Executive Committee: Approved Board of Directors: Approved
ACTION ITEM - Property Tax Basis Portability Task Force
That C.A.R. fund conducting a survey, to cost no more than $20,000, that will allow the Property Tax Basis Portability Task Force to determine the extent to which an expansion of portability might be utilized.Taxation Committee: Approved Strategic Planning & Finance Committee: NOT Approved Executive Committee: NOT Approved Board of Directors: Approved