The Washington State Legislature is nearing the end of the 2nd Special Session and a state budget must be agreed to by July 1, 2015.

The proposal to create a new state capital gains tax continues to get support from the House budget leaders and Governor Inslee. 

While the capital gains income tax proposal could exclude income from certain gains from the sale of primary residential properties, the proposal could impact some residentail properties as well as commercial properties and residential rental properties

We need you to contact your Legislator immediately to express Washington REALTORS� opposition to the proposed capital gains tax.

While reports surfaced last week of a tentative agreement between Senate and House budget leaders on the spending level for the 2015-17 State Budget, legislators this week disavowed such an agreement. 

With recent increases in forecasted revenue over the next two years, the Senate and House are only about $500 million apart, with House budget negotiators seeking spending of $38.4 billion, including new tax revenue of about $500 million, while the Senate budget stays within the $37.9 billion in forecasted revenue and no tax increases. 

Both House and Senate budget fund basic education at about the same level, as necessary to comply with the State Supreme Court's McCleary decision. 

While Governor Inslee and House budget leaders have considered a number of tax proposals during 2015, a new state capital gains income tax seems be their top choice. 

State agencies and legislative staff are now working on contingency plans in case a new state budget is not reached by the July, 1 beginning of the new fiscal year. 

For recent insight into the political dynamics in Olympia on spending, taxes, and other major political issues this session - see Seattle Times' columnist Danny Westneat's recent column online here.

Washington REALTOR� Legal Hotline attorney Annie Fitzsimmons is back with another of her valuable Legal Hotline videos, this time on real estate teams - in a two-part presentation.

When must a Managing Broker be one of the team members?

What are the advertising rules regarding team names when they are different from the company name?

Get these answers and more in this two-part series devoted to teams.

See the first, eight-minute video online here:

Teams: part one

The second video in this two-part series is on the legal aspects of teams in regards to dual agency.
This is a must-see for all real estate teams.

See the five-minute video, online here:

Two REALTOR� Broker Summits are coming to Seattle later this summer - August 17 & 18 and August 18 & 19.  The second of these will feature a technology edge.

 

These summits are designed exclusively for designated broker, and broker owner members to come together and learn from presenters, panels and peer leaders in the industry offering fresh insights on current conditions while looking to the future of real estate.

      

Over two days you will gain valuable insights to make your brokerage and our industry more successful.  

 

Read more about these events, online here.  

 

 
Spokane Association of REALTORS� members are invited to earn their CIPS Designation this summer Calgary!  

 

The Canadian Real Estate Association and Calgary Real Estate Board will be hosting a Certified International Property Specialists (CIPS) Institute in Calgary, Alberta from July 6th through July 10th.  

Learn more about this opportunity, online here.