In early June, nearly 175 Realtors® gathered for Realtor® Day on the Hill to encourage more than 80 legislators to pass 1031 like-kind exchanges. Currently, the commonwealth is the only state to not allow like-kind exchanges.
In attendance from the Greater Lehigh Valley REALTORS® were CEO Justin Porembo, Government Affairs Director Matthew Marks, 2022 President Howard Schaeffer, Noelle Seaton of Home Team Real Estate, Chris Raad of Harvey Z. Raad Realtors®, Craig Martin Jr. of Home Team Real Estate, and Sean LaSalle of BHHS Fox & Roach.
From PAR Capitol Report:
Legislation addressing 1031 like-kind exchanges is moving in the Pennsylvania General Assembly. The PA House Finance Committee amended and unanimously approved Senate Bill 347 (DiSanto, R-Dauphin) during its meeting on June 7. SB347 is the Senate version of legislation that amends the state tax code to fully recognize 1031 like-kind exchanges.
Prior to its passage in the House Finance Committee, SB347 was amended at the request of the bill’s prime sponsor. The amendment language allows medical marijuana dispensaries the ability to deduct business expenses from state taxes. Both the amendment and the amended version of the bill passed out of the committee with unanimous approval. SB347 now awaits a full House vote and would have to return to the Senate for a concurrence vote before signature into law.
The House version of the 1031 like-kind exchange bill, House Bill 385, (Dunbar, R-Westmoreland) passed out of the House at the end of April also with unanimous support and is awaiting considering in the Senate Finance Committee.
Meeting with legislators, including Sen. Lisa Boscola, Rep. Zach Mako, Rep. Ann Flood, Rep. Ryan Mackenzie, and Rep. Doyle Heffley, our local group of REALTORS® also discussed the housing market, how record-setting prices and low inventory are impacting Pennsylvanians trying to buy homes, and more.
“Our advocacy for both buyers and sellers doesn’t end with one advocacy day in Harrisburg,” said Marks. “Legislators from the Greater Lehigh Valley were each given a report that details the current housing market in their district, and we were able to discuss directly with them how their constituents are being affected. Our legislators having a pulse on these issues will hopefully lead to solutions and relief in known trouble spots.”
Read more about Realtor® Day on the Hill in PARJustListed.