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Schwarzenegger won’t sign tax relief for homeowners

March 15, 2010 |  3:29 pm

Gov. Arnold Schwarzenegger announced today that he would not sign a bill lawmakers passed to bring new tax relief to homeowners and green energy companies, in large part because it would ramp up the penalties against those who abuse such tax credits.

The governor’s move came at the urging of a coalition that includes the California Chamber of Commerce, the Western States Petroleum Assn. and the California Manufacturers and Technology Assn. It lobbied against the bill, SBX8 32, arguing that it would make businesses reluctant to claim tax breaks for fear of making an error.

The governor’s announcement puts in jeopardy tax breaks targeted at Californians who lose their homes in  short sales and businesses in the state’s burgeoning green tech sector. Administration officials urged lawmakers to immediately get back to work crafting a new proposal and to pass it in time for Californians to be able to claim the credits on their 2009 returns, due April 15. But Democrats said it is unlikely a new bill would get enough votes, leaving taxpayers out of luck.

The governor’s announcement set off a fresh round of bickering Monday at the Capitol. Administration officials said the penalties against tax cheats, which would apply only to the wealthy and corporations, were inserted at the last minute even though it was already well established that the governor would not support them. “They are trying to leverage us,” administration spokesman Aaron McLear said of Democrats. He said the Democrats assumed the governor would approve the new penalties if the alternative were no relief for homeowners and green tech. But the penalties “are just not something we will support,” McLear said.

– Evan Halper in Sacramento

Photo: L.A. Times file

More in: Arnold Schwarzenegger

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From the L.A. Times

• Schwarzenegger won’t sign tax relief bill for some homeowners and green energy firms

Around the Web

• Schwarzenegger Won’t Sign Tax Relief For Homeowners|huffingtonpost.com

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Comments (12)

Well, that’s a republican for you. Why help us? Apparently, the republicans will do ANYTHING to try to screw middle-class Americans. But you dopes out there who keep voting for republicans, you better be wealthy, cause otherwise, you fools, you just don’t count.

Posted by: Pam | March 15, 2010 at 03:53 PM

So the governor is unwilling to sign a law which provides for penalties for tax cheats. Well, that makes it obvious where his priorities and obligations lie.

Posted by: fellow traveler | March 15, 2010 at 03:58 PM

A governor with a backbone, what will they think of next?

Thank you Arnold!

I hope our next governor grows one before he or she is inaugurated, none of the candidates have demonstrated one yet.

Posted by: JSA26 | March 15, 2010 at 04:26 PM

Why the heck should homeowners who default on their loans, then sell their house for less than what they owe get a break on the taxes due from their debt being forgiven? They’ve already been given a break by the bank, and a yes on the bill means I am going to have to pay their taxes, just like I’m paying the tax for bailing them out, and bailing out the banks. No taxes or debts are ever forgiven, they are just pushed on to some other poor sucker, and I’m tired of being suckered by our government and dead beat homeowners!

Posted by: Ruby Jackson | March 15, 2010 at 04:34 PM

This is the same jerk who signed XBS2-11 into law, giving for the in the History of the United States; Immunity to the Judiciary body of the California Government for accepting illegal payments from the county courts. Judges in this State are paid by the State to avoid any conflict of interest. That simple agenda was also echoed in the California Constitution, Judges are paid by the State. And yet in Los Angeles County alone, The Judiciary of the Superior Court is presented with an additional $57,000.00 per year. And that is in addition to their $178,000.00 per year State salary, and the extra $30,000.00 a year given as a cost of living allowance. That’s $265,000.00 per year for a inefficient, corrupted, and malignant judge in Los Angeles. But a U.S. Supreme Court Justice only makes $218,000.00 per year, and is just as corrupted. I think those in L.A. have been severely ripped off!!!!

Posted by: Lawrence John II | March 15, 2010 at 04:37 PM

As a Christian, I can only Pray for the Governator’s Salvation because on the selfish path he’s been on for years he’s headed nowhere fast. Are we to buy into the LIE lobbied against the bill, SBX8 32? That it would make Cali businesses “reluctant to claim tax breaks for fear of making an error.” Don’t you just hate it when the greedy, rich corporations make an error?

Posted by: John L Mendez | March 15, 2010 at 04:41 PM

This article seems to be written with a tight deadline. The writer (I won’t say journalist) didn’t explain why Schwarzenegger opposed the tougher penalties. It may well be as ludicrous as the article portrays it, but the writer (and editors) have a responsibility to devote at least a sentence explaining this. If the governor is against tougher penalties, readers should know why. If not, how can anyone know whether or not they oppose the action?

Posted by: Steve | March 15, 2010 at 04:41 PM

what the xxxx!so not to incovience big business i as home owner who needs a tax break because everybody in california’s government want to tax us should what bend over and take it like his acting career.
(censored)______________________-_____!!!!!

Posted by: cachimbon | March 15, 2010 at 05:03 PM

Imagine how sweet life would be if we all forced the state of California to implement a flat tax of maybe 10% ???????

No cost to us for “tax preparation software or experts.” No guessing because 10% is essentially foolproof. And no fear of making an error which would allow the government to impose fines upon us for something unintentional and really directly related to the complexity of the tax code.

FLAT TAX NOW.

Posted by: Carol | March 15, 2010 at 05:25 PM

that’s a republican in a nutshell: squash legislation aimed at helping the middle class because the wealthy and powerful don’t like it. i hope you republicans like losing your homes and jobs because you voted for it.

Posted by: TD | March 15, 2010 at 05:32 PM

“…in large part because it would ramp up the penalties against those who abuse such tax credits.”

Please tell me there’s more to Arnold’s opposition than that. Otherwise, how could penalizing the bad guys be a bad thing?

Posted by: WC | March 15, 2010 at 05:49 PM

No, no, please no greater penalities for businesses who cheat on tax credits!!! The California Chamber of Commerce, the Western States Petroleum Assn. and the California Manufacturers and Technology Assn. are all completely trustworthy and would never use their formidable legal staffs to find loopholes, exceptions, or ways to cheat!

Posted by: He_Who_Speaks_The_Truth | March 15, 2010 at 07:01 PM

Schwarzenegger won’t sign tax relief for homeowners. What is he thinking? Beverly Hills Homes, Beverly Hills Real Estate – http://www.ChristopheChoo.com

California Shaken by 4.4 Magnitute Earthquake –
Didn’t need my alarm clock this morning!

Beverly Hills Home, Beverly Hills Real Estate – http://www.ChristopheChoo.com

RISMEDIA, March 15, 2010—(MCT)—Instead of playing the trade-up game, more homeowners are staying in their homes, upgrading kitchens and baths and building additions to accommodate their needs instead of moving into a bigger house, but there are also some early signs of an improving real estate market, according to a new survey of architecture firms.

More architects say they’re seeing demand for and inquiries about home-remodeling projects, including kitchen and bath upgrades and home additions. And an increasing percentage of architects say business conditions in the first-time buyer and affordable home market also improved in the fourth quarter of 2009, compared with the fourth quarter a year earlier, according to the American Institute of Architects’ Home Design Trends Survey. The survey of 500 residential architecture firms is conducted each quarter.

A net 28% of architects responding to the survey said they’re seeing greater interest among homeowners for kitchen and bath remodels, up from -16% a year ago, and a net 21% said demand for additions and alterations is improving, versus -14% a year ago. The survey figures are computed as the percentage of respondents reporting an improvement in business conditions minus those reporting a decrease.

Meanwhile, a net -4% of the architects surveyed said the market for homes for first-time buyers is improving, up from -65% a year earlier. A net -31% said the market for move-up homes is improving, compared with -71% a year ago.

“It’s still too early to think the residential market has fully recovered, but there are two encouraging signs—overall business conditions are far better than they were a year ago at this time, and we are seeing improvement in those housing sectors that need to lead a broader improvement in the housing market: remodeling and alterations of existing homes, and at the entry-level of the new construction market,” said Kermit Baker, chief economist of the American Institute of Architects.

Baker said homeowners are making improvements thoughtfully, not banking on recouping the entire cost at resale or over-improving with upscale features as they might have several years ago. And projects are typically smaller in scope these days. “The mentality is evolving that bigger isn’t better for my home, from an investment perspective,” Baker said.

As for first-time home buyers, Baker said that conditions are likely improving due to the first-time home buyer tax credit, low mortgage rates and the ability of these first-timers to buy a home without having to sell an existing home first.

For the most part, kitchens are being upgraded with practical improvements and features to make the space more usable. “A lot of the upscale stuff, like double appliances—two dishwashers or two refrigerators—or over-the-top appliances seem to have disappeared,” Baker said.

The five most popular kitchen products and features, according to the survey include:
-Recycling center, a designated place to put cans, papers, etc., which could be in the form of a nook or even part of the lower cabinetry
-Larger pantry space
-Renewable flooring materials
-Renewable countertop materials
-Computer area/recharging stations, dedicated to such tasks as recharging laptops, cell phones and PDAs.

The same desire for practicality and less glitz can be found in the bathroom. People are moving away from steam showers and towel-warming drawers and racks, and instead focusing on features that will help them better control their utility costs, Baker said.

The five most popular bathroom products and features include:
-Water-saving toilets
-Radiant heated floors
-Accessibility/universal design, or features that are adaptable and allow homeowners to age in place
-LED lighting
-Doorless showers.

(c) 2010, MarketWatch.com Inc.

Distributed by McClatchy-Tribune Information Services.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more top headlines on RISMedia.com, be sure to see:
7 Tips to Motivate Your Sphere of Influence to Refer to You
Crawling Out of the Housing Hole: Realtors Agree Housing Market Is Stabilizing, but Still Troubled

5 Popular Kitchen and Bathroom Upgrades. Beverly Hills Homes, Beverly Hills Real Estate – www.ChristopheChoo.com

RISMEDIA, March 4, 2010—Existing-home sales fell in January 2010 but are above year-ago levels, according to the National Association of Realtors. Existing-home sales- including single-family, townhomes, condominiums and co-ops- dropped 7.2% to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5% above the 4.53 million-unit level in January 2009.

Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”

Total housing inventory at the end of January fell 0.5% to 3.27 million existing homes available for sale, which represents a 7.8-month supply at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6% below a year ago, and is at the lowest level since March 2006.

“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”

The national median existing-home price for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38% of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.

A parallel NAR practitioner survey shows first-time buyers purchased 40% of homes in January, down from 43% in December. Investors accounted for 17% of transactions in January, up from 15% in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4% in January.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying a home in the current environment has become more challenging. “First-time buyers and others who need a mortgage are increasingly losing out to all-cash investors for the best bargains in many areas, particularly for foreclosed homes where cash is king,” she said. “Inventory conditions vary by price range, and of course there are major differences depending on location. Realtors are the best buyer resource for strategies on winning bids in increasingly competitive markets,” Golder said. “The bidding for more desirable homes will only accelerate between now and the April 30 contract deadline to qualify for a tax credit of up to $8,000.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.03% in January from 4.93% in December; the rate was 5.05% in January 2009.

Single-family home sales fell 6.9% to a seasonally adjusted annual rate of 4.43 million in January from a level of 4.76 million in December, but are 8.6% above the 4.08 million pace in January 2009. The median existing single-family home price was $163,600 in January, down 0.4% from a year ago.

Existing condominium and co-op sales dropped 8.1% to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1% above the 449,000-unit level a year ago. The median existing condo price was $172,400 in January, which is 1.4 % higher than January 2009.

Northeast
Regionally, existing-home sales in the Northeast fell 10.9% to an annual pace of 820,000 in January but are 22.4% above a year ago. The median price in the Northeast was $245,300, a gain of 8.8% from January 2009.

Midwest
Existing-home sales in the Midwest declined 6.9% in January to a level of 1.08 million but are 8.0% higher than January 2009. The median price in the Midwest was $130,300, which is 1.0% below a year ago.

South
In the South, existing-home sales dropped 7.4% to an annual pace of 1.87 million in January but are 12.0% above a year ago. The median price in the South was $140,200, down 2.0% from January 2009.

West
Existing-home sales in the West declined 5.2% to an annual rate of 1.28 million in January but are 7.6% higher than January 2009. The median price in the West was $203,400, down 5.8% from a year ago.

For more information, visit www.realtor.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more top headlines on RISMedia.com, be sure to see:

Foreclosures Take Heavy Toll on Hearts and Minds
Even in Tough Times, 77 Percent of Americans View Homeownership as a Part of Their Own Personal American Dream

Existing-Home Sales Down in January 2010 but Higher Than Year Ago.
Beverly Hills Real Estate, Beverly Hills Homes For Sale – www.ChristopheChoo.com

Southern California Home Buyer’s Fair this weekend at L.A. Convention Center

March 12, 2010

by CAR

Category: Events || Education & Training, Property, Rentals, Transactions | 3 Comments

LOS ANGELES, CA – March 12, 2010 – (RealEstateRama) — Thousands of potential home buyers are expected to converge this weekend for the third annual Southern California Home Buyer’s Fair at the Los Angeles Convention Center in downtown Los Angeles. The Southern California Home Buyer’s Fair, open 10 a.m. to 5 p.m. Saturday, March 13, and 11 a.m. to 4 p.m., Sunday, March 14, features more than 50 educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence and peace of mind. The event is free to the public, and the first 200 attendees each day will receive a free AMC Entertainment movie ticket (one ticket per person).

C.A.R. also will give away 10 iPod shuffles each day at booth #201 in the exhibit hall. Tickets for the iPod shuffle giveaway will be handed out one hour before each drawing in the lobby of the Concourse Hall of the Los Angeles Convention Center. Drawing times are 12 noon and 3 p.m. on Saturday, March 13, and 12 noon and 2 p.m. on Sunday, March 14. No purchase necessary, but winners must be present to claim prize.

Seminar topics range from saving for a down payment and monitoring and repairing credit, to buying foreclosures, short sales, and bank-owned homes, and finding and qualifying for a home loan. Several of the sessions also will be offered in Spanish. One of the featured presentations includes the “California Housing Market Outlook,” which will be presented by CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) Vice President and Chief Economist Leslie Appleton-Young. The presentation will include an historical overview of the housing market, and a synopsis of the current financial situation and its impact when trying to secure a mortgage loan. Appleton-Young also will provide a preview of what consumers can expect for California’s housing market in the coming months.

The Southern California Home Buyer’s Fair will feature more than 80 exhibit booths, where attendees can obtain information from industry experts about homeownership and the home-buying process. On Saturday, March 13, non-profit organization Million Trees L.A. will give away 200 free shade trees on a first-come, first-served basis starting at 10 a.m. in booth #419. (Please note, proof of L.A. City residency—Los Angeles Dept. of Water and Power bill or California Drivers License–is required.)

The event is sponsored by the CALIFORNIA ASSOCIATION OF REALTORS® and the Los Angeles Times. For complete information, go to www.homebuyersfair.com.

Leading the way…® in real estate news and information for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 150,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Event Highlights:
– More than 50 FREE “how to” seminars.
– More than 80 exhibit booths.
– Real estate market outlook from C.A.R.’s Chief Economist, Leslie Appleton-Young.
– Free movie tickets to the first 200 attendees each day.
– Free iPod shuffle giveaways each day.
– Free shade trees to first 200 attendees on Saturday.

Tags: REALTORS
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Tagged as: REALTORS

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[…] in News Thousands of potential home buyers are expected to converge this weekend for the third annual Southern California Home Buyer’s Fair at the Los Angeles Convention Center in downtown Los Angeles. The Southern California Home Buyer’s Fair, open 10 a.m. to 5 p.m. Saturday, March 13, and 11 a.m. to 4 p.m., Sunday, March 14, features more than 50 educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence and peace of mind. The event is free to the public. Seminar topics range from saving for a down payment and monitoring and repairing credit, to buying foreclosures, short sales, and bank-owned homes, and finding and qualifying for a home loan. Several of the sessions also will be offered in Spanish. [Read this article] […]

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Southern California Home Buyer’s Fair this weekend at L.A. Convention Center. Beverly Hills Homes, Beverly Hills Real Estate – http://www.ChristopheChoo.com