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Legislative Update – Nov/Dec

Posted by GCAR on November 22, 2022
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NYSAR to utilize NAR grant for public awareness campaign on state electrification proposals
NYSAR recently secured a $75,000 grant from the National Association of REALTORS® in support of a consumer awareness campaign proposal educating New Yorkers on pending electrification recommendations from the state Climate Action Council. Matching funds from NYSAR’s Issues Mobilization Committee were also approved to support the campaign proposal. The state Climate Action Council is expected to release a final draft Scoping Plan at the end of December outlining recommendations to the governor and state Legislature to reduce carbon emissions across the state. Pending recommendations include:

  • No new natural gas service to existing buildings;
  • Prohibiting propane, natural gas, and oil equipment in new homes in 2024;
  • Prohibiting traditional heating systems in existing homes beginning in 2030;
  • Ban use of natural gas appliances (dryers, stoves, etc.) in homes beginning in 2035;
  • No gasoline vehicles sold in New York in 2035;
  • Requiring single & multifamily property owners to obtain and disclose prior year energy consumption and energy performance ratings in real estate listings.

DOL proposes new Independent Contractor Rule – does not impact real estate professionals
On October 11, 2022, the U.S. Department of Labor released a proposed rule interpreting how a worker is classified under the Fair Labor Standards Act (FLSA).The proposed rule does not impact the classification of real estate professionals as independent contractors under the Internal Revenue Code (26 U.S.C. §3508). The DOL has proposed the rule to ensure covered employers are providing workers, including “gig workers,” with minimum wage and overtime pay as required under the FLSA, to ensure consistency with existing judicial precedent and the Department’s longstanding guidance.

NAR endorses bill to increase home gain exclusion
Before the House of Representatives left Washington on October 1 for the pre-election campaign season, a bipartisan bill of key importance to millions of homeowners was introduced by Representatives Jimmy Panetta (D-CA) and Mike Kelly (R-PA). Titled the “More Homes on the Market Act,” (bill number pending) the legislation would double the capital gains exclusion for sales of principal residences from $250,000 to $500,000 for single filers and from $500,000 to $1 million for married couples filing a joint tax return, and also index these amounts for future inflation

National Flood Insurance Program set to be extended by Congress

The National Flood Insurance Program (NFIP) is expected to be extended through December 16, 2022 as a result of a short-term government funding bill passed by the U.S. Senate on Thursday with expected approval by the House on Friday. NFIP’s authority to provide flood insurance was set to expire at midnight on Friday, September 30, 2022. NAR continues to advocate for a 5-year long-term extension of the NFIP.

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