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The IMFHPAC is IAA”s nonpartisan political action committee that invests in candidates who are supportive of industry issues and are pro-business legislators. These funds aid in the election of candidates whose legislative voting records and/or positions on multifamily issues will enhance the business climate in Indiana. The IMFHPAC enables corporations and individuals to pool their political contributions and support candidates which help further IAA”s legislative objectives. A collective effort allows for visibility and access to candidates. Major legislative accomplishments are as follows:
- Defeated attempt on mandating interest on and escrowing security deposits
- Defeated mandatory access legislation for cable and telephone providers.
- Defeated landlord tenant legislation mandating inspections
- Increased renter”s deduction.
- Property tax add back law changed so that property taxes no longer have to be added back in on your federal income tax calculation
- Defeated legislation mandating carbon monoxide detectors in all rental units
- Defeated legislation on quarantining property that was used for production of methamphetamines.
- Initiated property tax relief for the rental housing industry through assessment practices: Assessor must appraise property by cost, sales and income and take the lowest of the three approaches when determining value.
- Section 42 properties assessment practices changes allowing assessor to use income capitalization approach or a tax liability which is equal to 5% of the gross rent received.
Listed below are several current legislative challenges, and others we foresee in the near future:
- Listed below are several current legislative challenges, and others we foresee in the near future:
- Keeping property tax relief language on lowest assessed value and Section 42 language
- Seeking additional property tax relief through a per unit assessed value deduction on rental property. (Similar to homestead deduction).
- Working toward defeating nuisance housing legislation
- Attempts to change landlord tenant legislation
- Pre-emptive legislation on inspection and registration ordinances
- Working toward defeating additional regulation on lead based paint and other environmental issues
- Working with domestic violence advocates on legislation to ensure that neither the burden of enforcement nor potential financial loss this legislation could create is borne by property owners or managers.
The effectiveness of IAA”s efforts and our ability to work towards favorably resolving these issues is dependent upon our level of exposure in the legislative arena, which IMFHPAC funds will help secure.
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