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What is Senate Bill 407 and how does it effect my rental property?

Senate bill requires that on or before January 1, 2017, all non-compliant plumbing fixtures in any single-family residential real property must be replaced by the property owner with water-conserving plumbing fixtures.

It also requires that, on or after January 1, 2017, a seller or transferor of single-family residential real property, multifamily residential real property, or commercial real property disclose to a purchaser or transferee, in writing, specified requirements for replacing plumbing fixtures, and whether the real property includes non-compliant plumbing.

And also, on or before January 1, 2019, all non-compliant plumbing fixtures in multifamily residential real property and commercial real property, as defined, be replaced with water-conserving plumbing fixtures.

The Bill also permits an owner or the owner’s Property Manager to enter a rental property for the purpose of installing, repairing, testing, and maintaining water-conserving plumbing fixtures, as specified, and would require, on and after January 1, 2019, that the water-conserving plumbing fixtures prescribed by the bill operate at the manufacturer’s rated water consumption at the time that a tenant takes possession, as specified.

We can help you complete all of the necessary replacements.  Contact us today to get started.

Urge your local Congressman to pass Bill H.R.4696 – HOME Act

Helping Our Middle-Income Earners Act or the HOME Act

This bill amends the Internal Revenue Code to allow individual taxpayers an income-based tax deduction, up to $5,000, for qualified homeowners association assessments paid during the taxable year. The bill defines “qualified homeowners association assessments” as regularly occurring, mandatory financial assessments: (1) that are paid by a taxpayer to a homeowners association for the taxpayer’s principal residence, (2) that directly benefit such residence, and (3) that arise from the taxpayer’s mandatory and automatic membership in such association. The bill requires homeowners associations to file an informational return that sets forth the name, address, and taxpayer identification number of a taxpayer from whom the association receives assessments and the amount of such assessments.

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Source: Congress.gov