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Senate MBT Impact Assessment Subcommittee Formed Meetings scheduled across Michigan this month Recently, the Senate Finance Committee formed a subcommittee to examine the effects of the new Michigan Business Tax (MBT) on businesses around the state. The Senate MBT Impact Assessment Subcommittee formed to analyze input from taxpayers, along with seeking suggestions for improvement of the MBT in order to bring recommendations for revision to the Senate Finance Committee in June. Comprised of Senator Mark Jansen (R-Gaines Twp) serving as Chair, along with Senator Jud Gilbert (R-Algonac) and Senator Mike Prusi (D-Ishpeming), the subcommittee aims to ensure that businesses are not suffering from any unintended consequences of the MBT. The subcommittee will work to make the new tax more fair and equitable. The MBT Impact Assessment Subcommittee has already begun to hold hearings. In a recent hearing in Grand Rapids, local REALTORS® testified about the impact of the MBT on their businesses, especially in the commercial real estate sector. While Michigan attempts to recruit new business ventures, the treatment of commercial real estate under the MBT poses a significant disincentive to invest in our state. The negative effects of this tax on Michigan will ultimately lead to declining economic growth and less tax revenue. Upcoming subcommittee hearings are as follows:
If you would like to attend any of the upcoming subcommittee hearings, please contact the MAR office at 1-800-454-7842 for additional details. For more information on the MBT and its effect on the commercial industry, please click here. MAR 2008 Convention & Expo Online Registration Now Open! Mark your calendar early, and register now for the MAR 2008 Convention & Expo. Online registration is now open for the Convention & Expo which is being held September 17-19 at the Detroit Marriott at the Renaissance Center. With exciting education opportunities, and a variety of fun networking opportunities, the convention will “Tame the Change” and wow attendees for another year. Be sure to check out the newly launched 2008 Convention Web site. The site is packed with all you need to know about convention including Program Schedule, Fees, Sponsor & Exhibitor information as well as Hotel Accommodations and Area Information. And don’t miss your opportunity to save on your trip to the MAR Annual Convention & Expo! There are special early bird discounts for first time attendees as well as returning attendees. First time Attendee – check out these unprecedented discounts. Repeat Attendees Fair Housing Events a Success in April The month of April came to an end, and once again Fair Housing events were a success in Michigan. Many events were held across the state, educating REALTORS® on the importance of fair housing in the industry today. In Grand Rapids on April 30, the Fair Housing Center of West Michigan hosted a workshop and luncheon with speakers Cat Cloud and Shanna Smith of the National Fair Housing Alliance. MAR was awarded the Fair Housing Award for Outstanding Effort by an Organization that has Furthered Fair Housing, for their collaborations with Michigan Fair Housing Centers as well as the National Fair Housing Alliance. On April 25, 2008, the Southeastern Michigan Coalition for Fair Housing hosted its annual Fair Housing Symposium in Southfield, Michigan. Nancy Haynes - Director of the Fair Housing Center of Grand Rapids, spoke about newly developed partnerships and progress of the MAR/FHC/Broker Self Testing Program in Michigan. View the video here. To read more about this event, and to view photos, click here. IRS Has Answers to Questions about Economic Stimulus Payments As millions of Americans begin receiving their economic stimulus payments, the Internal Revenue Service released a list of the most-frequently-asked questions –– and answers –– that people now are asking. “Many people have questions about the stimulus payments, and the IRS has the answers available on the IRS.gov Web site,” IRS Commissioner Doug Shulman said. “The stimulus payments are automatic for eligible taxpayers who filed a 2007 tax return, and taxpayers do not need to take any additional action to receive the payment.” Stimulus payments started going out last week, and the initial round of payments will continue on a weekly basis through mid-July. In all, nearly 130 million payments will go out this year. Last week, 7.7 million payments were direct deposited, and the first mass production of paper checks begins Thursday. Since last week millions of Americans have visited IRS.gov and called the IRS toll-free lines. The IRS reminded taxpayers the fastest way to get answers is to visit IRS.gov, which has payment schedules and other information. If you know a full-time college junior or senior whose academic major is related to real estate, suggest that they apply for the Michigan Association of REALTORS® Scholarship Trust (MARST). Students can earn up to $2000 per year. With the help of McClelland & Anderson, we are taking the most commonly asked questions from our legal hotline and putting them in e-news. We will be featuring a different question each issue. QUESTION: I am a REALTOR® that owns some investment property that I plan on leasing. I am concerned about prospective tenants that own pets and the damage that may result. I wish to protect myself by charging the usual deposit of 1 ½ months rent, plus an additional pet deposit. Is this allowed? ANSWER: NO. Under Michigan law, the total security deposit amount may not exceed 1 ½ months rent. A landlord can charge additional rent to tenants who have pets.
Calendar of Events For more information, check the events page and the education calendar.
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