Wednesday, October 15, 2008
2:00 p.m. to 4:00 p.m.

Presiding:
Skip Zeleny, Chair
Cynthia Carley, Vice-Chair
Karl Lee, Vice-Chair
Malcolm Bennett, Executive Committee Liaison
Susan Tilling, NAR Committee Representative

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

I. Opening Comments

II. State Taxation Issues

A. Action Items:

1. The Regulation of 1031 Exchange Accommodators
2. A Review of Vote Thresholds
3. Private Transfer Taxes Task Force: Final Report
4. Property Tax Basis Portability Task Force: Final Report

B. Discussion/Reporting Items:

1. SB 1007 (Machado) Exchange Facilitators, Financial Protections
2. Vote Threshold Reductions
3. Property Tax Base Year Value Transfers
4. Cancellation of Mortgage Indebtedness
5. AB 2705 (Jones) Mello-Roos District Funding of Transit Services

III. Federal Taxation Issues

A. Action Items:
1. Federal Tax Policy Review (Note: This item will be considered at the end of the committee meeting and in closed session)

B. Discussion/Reporting Items:
1. H.R. 3221: The Housing and Economic Recovery Act of 2008

a. Homebuyer Tax Credit
b. FIRPTA
c. Mortgage Revenue Bonds
d. Community Development Block Grants
e. Standard Deduction for Property Taxes
f. Second Home Conversion Tax Offset

2. Tax Extenders
3. AMT
4. Qualified Veteran Mortgage Bonds

IV. Other Business

V. Adjournment