Legislation is on the move under the Capitol Dome to provide homeowner relief by way of a tax credit.
Senate Bill 346, provides a tax credit for all homebuyers purchasing a home as their principal residence. If passed, the tax credit would be available to Michigan homebuyers from January 1, 2009 to January 1, 2011. The homebuyers would then be able to use the credit against their income tax, equal to 10 percent of the purchase price, or $10,000, whichever is less. If the credit exceeds that threshold, it is refundable.
The bill now heads to the House Tax Policy Committee. As always, the MAR will keep you informed as this legislation makes its way through the legislative process. It is important to note that legislation may change as it moves through the legislative process. Many media outlets have covered this bill in recent days, and the MAR has fielded many REALTOR® calls on this legislation. The MAR is happy to address any questions or concerns that you or your members have about this or any bill that is before the legislature. The MAR continues to support the efforts of both the House and Senate to bring forth measures to provide incentives and relief to homeowners, along with spurring the housing market in this state.
MAR’s annual Broker Summit, is quickly approaching, and the early registration rate of only $119 ends this Thursday, March 26. The event takes place April 22-23, at the Inn at St. Johns in Plymouth, and is hosting a dynamic speaker lineup to help brokers discover real solutions for real challenges.
As an Association Executive, the information you gather at this event will help you align your association’s programs and services to meet the needs of your members TODAY. We know our members are working hard in this market, and the speaker line-up the task force has put together is designed specifically to help them meet the challenges they are facing. Refer them to MAR’s Broker Summit
Web site for session and speaker information, and to register for only $119 before March 26!
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 $2,000 per year.
MARST administers two scholarship programs, the Russel A. Pointer and the Barney Harkins Scholarship and Educational Fund. Scholarships are awarded annually to undergraduate students whose academic major is related to real estate, and are aimed at encouraging and supporting outstanding, highly-motivated students to specialize in the study of real estate.
Applications must be completed and submitted by July 1, 2009 for the following academic year. Incomplete applications will not be considered. MARST does not discriminate for or against any applicant on the basis of race, creed, religion, national origin, age, sex, handicap or employment status. Visit the
MARST Web site for more information.
Throughout the United States there is a growing concern about the high costs of long term care and the impact those costs have on financial security, retirement planning and quality of family life.
In response to this concern, the MAR has endorsed a long term care insurance program for the benefit of our members. All MAR members, and their eligible relatives, can now receive a premium discount on Great American Life long term care insurance products through the MAR Edge member benefit program.
For more information on the long term care insurance discounts please contact Great American Life's long term care help line at 800.557.5721.
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