Thursday, June 4, 2009
8:30 a.m. – 11:00 a.m.

Presiding:
Cynthia Carley, Chair
Curt Cournale, Vice-Chair
Mark Peterson, Vice-Chair
Bill Jansen, Executive Committee Liaison
Jimmy La Peter, NAR Committee Representative

CAR Staff:
Christopher Carlisle, Legislative Advocate
Jeff Keller, Public Policy Analyst

I. Opening Comments

II. State Taxation Issues

A. Discussion/Reporting Items:

1. Home Purchase Tax Credits
a. AB 765 (Caballero) Housing Tax
b. AB 902 (Torres) Foreclosed Homes Income Tax Credit
c. SB 49 (Dutton) Housing Tax Credit
d. SB 206 (Dutton) First Time Homebuyer Tax Credit
e. SB 15XX (Ashburn) Housing Tax Credit

2. Debt Forgiveness - AB 111 (Niello) and SB 97 (R. Calderon) Cancellation of Mortgage Indebtedness

3. Property Tax Base Year Value Transfers
a. AB 157 (Anderson) Property Tax Base Year Value Transfers for Disaster Relief
b. AB 321(Niello) Retention of Spouse’s Eligibility Under Proposition 60
c. SB 274/SB 11 (Dutton) Transfer to More Expensive Home

4. Recording Fee Increases
a. AB 827 (Yamada) Recording Fees to Fund Historical County Records
b. SB 676 (Wolk) Recording Fees

5. Vote Threshold Reductions
a. ACA 9 (Huffman) Property Tax and Special Tax Vote Threshold Reduction
b. ACA 10 (Torlakson) Education Finance District Special Tax Vote Threshold Reduction
c. ACA 15 (Arambula) Local Transportation Special Tax Vote Threshold Reduction
d. SCA 6 (Simitian) Vote Threshold Reduction for Parcel Taxes
e. SCA 12 (Kehoe) Special Tax and Bonded Indebtedness Vote Threshold Reduction

6. Miscellaneous
a. SB 279 (Hancock) Mello-Roos Districts/Energy Efficiency
b. SB 306 (Calderon) Real Property Transactions
c. SCA 18 (Liu) Local Government: Property-Related Fees

III. Federal Taxation Issues

A. Action Items:

1. Withdrawing From 401(k) Plan Without Penalty: Should homeowners be allowed to withdrawal from their 401(k), without penalty, to help pay their troubled mortgage. (Please see IBP for further information)

B. Discussion/Reporting Items:

1. Homebuyer Tax Credit

2. Estate Tax

3. FY2010 Tax Rates

4. Changes to Tax Deductions

IV. Other Business

V. Adjournment