Atlanta Commercial Board of REALTORS®: Governmental Affairs

Federal Issues & Legislation

Executive Order on Opportunity Zones: Federal; On Wednesday, December 12, at an event at the White House the President signed an Executive Order establishing the White House Opportunity and Revitalization Council, chaired by Secretary of Housing and Urban Development Ben Carson and comprised of 13 Federal agencies. The Council's purpose is to improve efforts to revitalize economically distressed communities through coordination of government programs, including the federal Qualified Opportunity Zones (QOZ) Program.

REALTORS® Legislative Meetings & Trade Expo Town Hall Webcast: Federal; Are you attending the 2019 REALTORS® Legislative Meetings & Trade Expo May 13th - 18th in Washington, DC? Register today for NAR's Town Hall Webcast. This live webcast will take place on Wednesday, May 8 at 2:00 PM Eastern.

Opportunity Zones Proposed Rules Released: Federal; The Treasury Department recently released proposed rules for Qualified Opportunity Zones, a federal program created by the Tax Cuts and Jobs Act in 2017. The program incentivizes investment and development in distressed communities, designated as "Qualified Opportunity Zones" (QOZs) through tax benefits for investors. These benefits include deferral of federal capital gains tax on qualified capital gains reinvested into a QOZ (via an "Opportunity Fund"), and potential reduction in the tax ultimately paid on those gains (if held for five years they receive a step-up in basis of 10%; if held for seven, 15%). In addition, gains accrued on investments while in an Opportunity Fund and invested into a QOZ may be exempted from federal capital gains tax, if the investments are from a proper deferral election (reinvested capital gains that the tax is deferred on) and held for at least ten years.

Labor Rule Allows for AHPs: Federal; The U.S Department of Labor (DOL) has finalized its long-awaited Association Health Plan (AHP) rule to expand the definition of "employer" to include "working owners." This change allows real estate professionals and other self-employed individuals to participate in association health plans. A key provision, forwarded for inclusion in the rule by NAR, will allow many REALTORS® who have access to coverage through a spouse to be eligible to choose an AHP option.

Net Neutrality Officially Ends in U.S.: Federal; It’s official, as of Monday, June 11^th, net neutrality has officially ended in the United States. Even after a vote by the U.S. Senate, the U.S. House failed to take a vote on legislation that would have prevented internet service companies from charging users additional money to see certain content.