WHAT IS LAW BECAUSE OF RPAC

A STRONG REAL ESTATE LICENSE ACT that benefits real estate professionals and protects consumers.

EMINENT DOMAIN REFORM: As a result of an unprecedented advocacy effort to compliment our direct lobbying efforts a landmark eminent domain reform proposal was enacted as a model for the nation. The law added clarity to the obligations of government and enhanced the rights of property owners and transparency in all eminent domain actions.

DISCLOSURE OF SPECIAL SERVICE AREAS: An IAR initiative that became the law in Illinois enhanced information regarding special service areas, which are often used by local governments in new developments. The required information to be part of public hearing notices and local ordinances will assist potential homebuyers in determining whether a property is located within a special service area and if there is a special assessment on that property, in addition to the real estate property taxes.

CITIZENS INPUT FOR MUNICIPAL REAL ESTATE TRANSFER TAX : REALTORS® led the fight to ensure enactment of the law to require a public hearing and referendum prior to a home rule municipality increasing or imposing a transfer tax.

ENACTMENT OF PROPERTY TAX CAPS : The strong voice of REALTORS® was behind the enactment of property tax caps in Illinois.

TAX RELIEF : REALTORS® took the lead in the effort to reduce capital gains taxes on real estate and to include other pro-real estate measures in federal tax legislation.

COMMERCIAL BROKER LIEN : IAR secured the passage of the first commercial broker lien law in the nation.

SPECIAL ASSESSMENTS FOR RESIDENTIAL DEVELOPMENTS – 5 ACRES OR MORE: The IAR initiated the legislation that modified Illinois law to reduce the acreage requirement from 10 to 5 acres for subdivision property to qualify for a preferential assessment.

HEALTH INSURANCE PREMIUM DEDUCTION: IAR was part of the coalition to ensure enactment of the law to allow self-employed persons to deduct 100% of the cost of their health insurance on their Illinois income taxes.

FINANCIAL ASSISTANCE FOR LEAD ABATEMENT: IAR lead the effort in enactment of a law that allows excess Torrens Fund monies to be used in Cook County to provide financial assistance to property owners for lead paint abatement and mitigation and supported enactment of a pilot program to correct lead based paint hazards in residential buildings. (CLEAR-WIN)

PROHIBITION ON LOCAL RENT CONTROL ORDINANCES: IAR was instrumental in securing the enactment of the Illinois law that prohibits local governments from enacting rent control ordinances.

MORTGAGE DEBT CANCELLATION RELIEF: Federal law now provides that individuals who are relieved of their obligation to pay some portion of a mortgage debt on a principal residence between January 1, 2007 and December 31, 2009 will not be required to pay income tax on any amount that is forgiven.

ENHANCED FUNDING FOR THE NATIONAL FLOOD INSURANCE PROGRAM (NFIP): REALTORS® successfully lobbied for a major increase in the borrowing authority of the NFIP to enable FEMA to pay existing claims.

TERRORISM INSURANCE LAW: REALTORS® advocated for and secured passage of the reauthorization of the federal government’s terrorism risk insurance program to maintain a strong commercial market.

WHAT ISN’T LAW BECAUSE OF RPAC

A NEW GROSS RECEIPTS TAX: IAR and a coalition of other business groups defeated the proposed gross receipts tax which would have been a disaster to individuals, the Illinois economy and housing affordability.

BANKS IN REAL ESTATE: REALTORS® efforts put federal regulations on hold that would have allowed banks to engage in real estate brokerage.

REPLACEMENT OF THE MORTGAGE INTEREST DEDUCTION: REALTORS® have led the fight against a tax commission’s recommendation to replace the Mortgage Interest Tax Deduction with limited tax credits.

REAL ESTATE TRANSFER TAX: IAR defeated attempts in recent years to dramatically increase the State’s real estate transfer tax. IAR also defeated efforts to grant non-home rule municipalities the authority to levy such a tax.

EXPANSION OF QUICK TAKE EMINENT DOMAIN POWERS: IAR stopped legislation that would have granted a school district the authority to exercise “quick-take” eminent domain powers – an extraordinary hammer over the rights of private property owners.

ONEROUS LEAD PAINT ABATEMENT REQUIREMENTS: Defeated substantial and expensive abatement requirements on rental property owners, shifting the focus to providing funds to help property owners abate hazards.

LIMITS ON THE ROLE OF REALTORS® IN REAL ESTATE TRANSACTIONS: Stopped efforts to restrict the ability of REALTOR® offices to offer a variety of settlement services, including appraisal serves, title insurance and financing.

MORTGAGE PRE-PAYMENT PENALTIES: Defeated legislation that would have allowed mortgage pre-payment penalties.

INTRUSIVE INSPECTION LAWS: Defeated plans that would have allowed mandatory pre-sale home inspections.

LAWS HARMFUL TO RENTAL PROPERTY OWNERS: Defeated numerous efforts to impose additional onerous regulations, requirements, costs, and legal liabilities on rental property owners.

MANDATORY PARTICIPATION IN HUD SECTION 8: Defeated legislation to require rental property owners to participate in the HUD Section 8 Rental Voucher program, or be guilty of a human rights violation.