With the new year upon us, I thought I’d use my podcast this month to examine what’s in store for the commercial real estate industry in 2012. In the coming year, REALTORS® will be working on key issues such as easing the contraction in small-business lending, bridging an equity gap, and increasing bank liquidity. You can be sure that finding solutions to these issues is a priority for NAR and will go a long way toward setting the industry on a path for growth.
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Repeal Nears for $600 Form 1099 Reporting Rule
The House and Senate have voted to repeal IRS Form 1099 reporting requirements for landlords and other small business that were enacted last year in health care reform and small business laws. President Obama has said he will sign the repeal into law. Passage is a victory for REALTORS®, who strongly opposed the requirements, which would apply to landlords and others who paid a vendor as little as $600 a year in services. Read post. For more info, contact Linda Goold, 202/383-1083.
Small Business Lending Bill Advances to Senate Floor
NAR is urging the Senate to OK legislation that would create a $30 billion small business loan fund. NAR also wants the bill to allow credit unions to increase loans to commercial real estate. Similar legislation has passed the house but Senate prospects are unclear. For more information, contact Vijay Yadlapati at 202-383-1090 or vyadlapati@realtors.org.
Charles McMillan, Immediate Past President of NAR Testifies Before Congress
Passage of an appropriate comprehensive national disaster policy is a top legislative priority for REALTORS® nationwide. Charles McMillian testified on March 10 before the Committee on Financial Services and offered that NAR stands ready to work with leadership in Congress to develop a responsible natural disaster policy that addresses the needs of consumers, the economy and the nation. McMillian included commercial member reports about problems with commercial insurance availability and affordability. For the full testimony – Read more…
