Archive for April, 2009

Day on the Hill report

Thursday, April 30th, 2009

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Scott Gottlieb, with SNL Realty, represented the Chicago Ad Council and all Region 5 & 6 at Day On the Hill. (Thanks to all the region for making his trip possible.)

I just wanted to give an update about Day on the Hill.  I thought it was an interesting experience. It was very well organized. The first day was a learning process about what to say and how to say it. The second day was going to Capital Hill.

 We were divided in groups by state, and in our group were Illinois and New Jersey. We met with 6 offices and out of those 6 we had meeting with 4 congressmen. We actually sat down with my congressman Danny Davis. Who only sat with us because I was there, which sounds phony but because I was from his district, it changed the staffers attitude.

 The congressmen all seemed to want to hear what we had to say, so hopefully they listened.

 I have attached some pictures. A new movie is coming out next year MR. Gottlieb Goes to Washington.

 Scott Gottlieb ,SNL Realty, LLC

Scott and group with Representative Davis

Scott with Representative Davis

Day On the Hill

Friday, April 24th, 2009

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Day on the Hill was a great success this year. Almost 50 real estate investors, including several from HVA, descended on capitol hill. The purpose of the event is to make sure congress hears and understands about the issues facing our industry.

This event was focused on two areas: 1. Installment sale taxing issues, and 2. the lack of capital available for real estate investors.

Prior to the Tax Reform Act of 1986, a person or entity could hold a note and receive payments over an extended period and pay tax as the money is received. This act mandated that investors and rehabbers be treated as "dealers" and realize the profit on the sale, not as the money is due.

Because of the changes in this act, many investors have passed on potential opportunities because of the tax consequences. For example, if you buy a house for $60,000 and put $20,000 in repairs into the house. You sell the house for $120,000, with the bank making a loan to the buyer for $80,000 and you take a second for $40,000. Under the current law, you must claim the entire amount in taxes in the current year even though you would only receive a small amount of the actual income.

We have two representatives that have agreed to author the bill. Yesterday, Representative John Adler (NJ) briefed us on this and other issues before congress.We then split into 6 groups to meet with congressional representatives and their staff to discuss our concerns.

This event is important for our industry. Next year, I hope every market is represented.