News & Information
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| News | |
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| Date | Article |
| 07/15/2008 |
Commercial Broker Lien Legislation Introduced in the Senate Commercial Broker Lien Legislation Introduced in the Senate Legislation to protect commercial brokers against losing rightfully earned commissions has been introduced in the Michigan Senate. Senator Randy Richardville (R-Frenchtown Twp.) has introduced Senate Bill 1313, which creates a statutory lien on commercial real property for the non-payment of commissions. Dubbed the “Commercial Broker Lien Act” the bill will enable brokers to establish liens on properties they sell. The liens would be available to licensed real estate brokers working with buyers or sellers as agents for the purchase, sale, or lease of commercial property. Source: On The MARk for Tuesday, July 15, 2008, Michigan Association of REALTORS® Newsletter |
| 06/18/2008 |
Savvy Investors Can Now Avoid Paying Tax when Exchanging Vacation Property Savvy Investors Can Now Avoid Paying Tax when Exchanging Vacation Property Good news from the IRS. The IRS recently adopted a “loophole” that permits savvy investors to exchange one vacation property for another, and avoid paying any tax on the gain. Section 1031 of the Internal Revenue Code permits a taxpayer to exchange one property held for productive use in a trade or business, or for an investment (relinquished property) for another property of like kind, also held for productive use in a trade or business or for investment (replacement property). A taxpayer does not have to recognize gain or loss on the exchange, as long as it is structured properly. For years, the IRS has maintained that a “personal residence” is not property “held for productive use in a trade or business or for investment.” Therefore, it could not qualify for Section 1031 tax deferred exchange treatment. The taxpayer would have to pay tax on any gain, even if they used the proceeds to by another vacation, or investment property. Until now. For further information, contact Gregg A. Nathanson, Esq., an attorney at the law firm of Couzens, Lansky in Farmington Hills, Michigan, at 248-489-8600 or gregg.nathanson@couzens.com |
| 04/11/2008 |
Michigan Business Tax Devalues Commercial Real Estate Michigan’s commercial real estate community has been unfairly burdened under the new Michigan Business Tax (MBT) structure. In current form, the MBT devalues existing assets, punishes long-time investors and discourages new investment in commercial real estate. 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 property will ultimately lead to declining economic growth and less tax revenue. The Michigan Association of REALTORS®, consisting of leading practitioners from across the state; is providing a framework for modifications of the new MBT that would prove to be better tax policy for all Michigan businesses and citizens. These proposals include: |
| 03/15/2008 |
MBT lowers property values, real estate experts say The commercial real estate community statewide is rallying to change the Michigan Business Tax, which they say will cause massive impacts to property values and investment. The Commercial Alliance of Realtors new president, Stuart Kingma, vice president at Wisinski Group in Grand Rapids, calls the MBT his key priority right now and already has spent much time in Lansing lobbying for change. Those legislators, who include Rep. Michael Sak, Democrat of Grand Rapids, are open to "affect a change that's beneficial or at least less detrimental situation than we find ourselves with today," Kingma said. |
| 03/15/2008 |
“MBT Poised to Cause Property Values to Fall” It is obvious to all of us that the Michigan economy, and in particular the manufacturing/commercial real estate sectors have been challenged for quite some time. Much time was spent last year reporting on the new MBT and its impact on Michigan businesses and property owners. The MBT was designed to restructure the State business tax code in a fashion that would provide for new and substantial investment in the State of Michigan in an effort to bring the State back to positive growth. There are many facets to this tax however the one discussed here deals specifically with how it negatively impacts the value of commercial real estate in the State of Michigan. It is safe to say that everyone’s intent in rewriting the tax code was to provide for a better Michigan and a better Michigan business climate. In writing that new business tax, however, there were some very significant consequences that negatively impact commercial real estate values and subsequently will provide for lower S.E.V. and taxable values. This will ultimately result in lower tax revenues to local municipalities and the State of Michigan. I have been authorized to work as part of a task force with our State legislators in Lansing to not only make them aware of the magnitude of these consequences, but also to put into motion some possible solutions to this problem. To date, we have met with Representative Sak (D), Representative Condino (D), and Representative Bieda (D) from the House of Representatives. Representative Sak is the Speaker Pro Tempore, Representative Bieda chairs the Tax Policy Committee, and Representative Condino is the Vice Chair of the Tax Policy Committee. We have also met with Senator Jansen (R), who is a member of the Finance Committee. Both the Representatives that we have met with, as well as Senator Jansen have taken a sincere interest in our concerns and have been open to considering some possible solutions that we have suggested. Stuart J. Kingma, SIOR Vice President, Senior Director of Industrial Services President-Commercial Real Alliance of Realtors Office Phone:616-942-8877 Mobile: 616-581-5000 Direct: 616-575-7022 Fax: 616-942-2854 Email: skingma@carwm.com |
| 03/10/2008 |
SYNERGY PRESS RELEASE |
| 02/19/2008 |
Milliken Realty Voted Corp! Magazine Sue Voyles svoyles@corpmagazine.com 888.277.6464 |
| 02/18/2008 |
MICHIGAN SUPREME COURT ISSUES IMPORTANT TRANSFER TAX DECISION |
| 02/11/2008 |
CBOR and CPIX.net Set Partnership With MEDC Grand Rapids Business Journal Published February 11, 2008 Abbreviated Pete Daly |
| 10/25/2007 |
Bill Milliken, 2006 CBOR President, elected to the MAR Board of Directors |
| 10/01/2007 |
NAR Dues Increase |
| 09/18/2007 |
CBOR honors 2007 REALTOR of the Year - Kevin Brady |
| 09/18/2007 |
Secretary of State Land Installs 2008 CBOR Directors |
| 08/06/2007 |
Oakland County and CPIX - www.oakgov.com goes live with CPIX |
| 04/25/2007 |
MEDC and CPIX - live on Michigan.org |
| 06/21/2006 |
Appeals Court Redefines Transfer Tax Calculation |
| 02/21/2006 |
An Ounce of Title Prevention is Worth a Pound of Commission |
| 12/06/2005 |
Risk Management |
