SB 2944, the tax legislation that relates to taxes on repair work is still in motion. The bill passed Ways and Means committee and the House earlier in the week. The bill had a "reverse repealer", so it will now likely go to conference for further discussion.
The bill was crafted to clarify the definition of repair work in regards to installation taxes. The ultimate goal is to clarify tax laws for construction and remodeling. The State Department of Revenue had questions on the legislation, so we have been trying to work with them in the meantime to seek a mechanism for clarification.
Also this week, the State Department of Revenue had a hearing on the exact language in the tax regulations that we are attempting to clarify. The hearing provided the opportunity to ask many questions. HBAM representative testified during the hearing, and was represented by Jones Walker, LLP law firm to seek answers.
The meeting was very productive and there will be much discussion this next week to see how we need to proceed and help to clarify the rules for home builders and remodelers and to help them to understand the best practices for their businesses.
HB 1601- First Time Home Buyers Savings Account Goes to the Governor
HB 1601, the First Time Home Buyers Savings Account bill now sits on Governor Bryant's desk for a signature. This legislation is a huge victory for all of Mississippi's housing coalition and particularly for home builders. Click here for a copy of the bill.
The MS Association of Realtors, and a coalition of housing partners (including HBAM), lobbied support this legislation to help first time home buyers. The bill will have a significant impact on the economy and will help first time home buyers realize their dream of home ownership. Ultimately, this legislation will create over 688 new jobs and approximately $28,841,463 in personal earnings. This bill will have a huge positive impact on the state.
Click here to view the MS Realtor's fact sheet on the legislation.
