Building Edge
August 2008
HOME: Living in the Heart of Florida
Summer 2008
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This past week for the most part was very good. Busy, but good. We received some good news this week regarding the rejection of Amendment 5. While I am all for reeling in unwise government spending, I think some of the vagueness in this amendment would have left us hurting, and could have forced some even more difficult financial decisions later on that would have really hurt the state's economy. This really was a situation of robbing Peter to pay Paul. In issuing his order, Circuit Court Judge John C. Cooper, wrote, "...the Court finds that the ballot title and summary provided in the proposition for Amendment 5 fail to fairly inform the voter, in clear and unambiguous language, of the chief purpose of the amendment and the language of the title and summary, as written, is misleading..." We know this is a controversial amendment where there will be a difference of opinion amongst allies. The Florida Association of Realtors backed this amendment. Personally, I hope this forces the government back to the table to look at alternatives that make sense. While that impacts the ballot in November, we still have another week to go in a primary that could help shape the future direction of government in Alachua County. Everyone I talk to says the race for the District 1 seat will be close. As I said last week, Mike Byerly has a strong machine behind him, and we know they will do anything in the last week to sway public opinion. The small, vocal group trying to stop growth and get Byerly re-elected will be working hard to get voters to the polls. We need to do the same thing. It is critical that we all volunteer to do what we can to help Rick Bryant win this election. I have spoken to a number of people about this lately. I was surprised how many didn't know the primary was closed. We are seeing very quickly that, while donations were crucial, the difference between the building industry being taxed into oblivion and good business sense will be talking to everyone you know and getting those who can to vote. There are still plenty of things we can do between now and the election to help get Rick elected. Our future livelihoods and the community depend on it. You can go directly to Rick's website for information - http://www.voterickbryant.com. There are a few other races in the primary that we have not mentioned much but are worth noting. I have linked them here to review the candidates. One race that stands out in my mind is the District 2 race for School Board. Jeannine Murphey Cawthon served us and served us well. She was a big believer in working with the other board members to make a difference, and always put our children first. Eileen Roy came in and decided to make a campaign of creating controversy. So much so, Jeannine decided to come back and run again. With school budget cuts, potential impact fees, sales taxes and rezoning out there, it is important that we have someone lead us who can work for the betterment of Alachua County schools. Based on this, I am endorsing Jeannine Cawthon, and hope you will vote for her. There were two terrific events that went on this past weekend. The 3rd Annual Tyler's Hope Golf Tournament was Friday and Saturday. For those who don't know the story of Tyler Staab, I encourage you to check out the site. Tyler was a perfectly healthy 7-year-old boy who came down with Dystonia. There is no cure, and as the parent of a 7 year old, I know of nothing worse than watching your child suffer, and not being able to help. Tyler's sister has now been diagnosed as well. To learn more about what the Staabs are doing to try and help ease the discomfort of children and find a cure for Dystonia, please visit their website at www.tylershope.org. The second great event was the Boys and Girls Club Caribbean Cruise Gala for Kids. The Boys and Girls Club works very hard to provide a positive place for our area children. Anyone who knows me is well aware of my desire to be involved with charities for children. I am excited about Advantage Publishing becoming a sponsor, and promoting upcoming events for the Boys and Girls Club going forward.
Coming up this week, our friends at Robinshore, Inc. will be manning the phones for the Childrens Miracle Network Telethon. This will be this Wednesday, August 20th from 4 p.m. to 7 p.m. It would be a great time for you to make your pledge by calling 1-800-882-7798 or 265-0777. TV20 and WKTK are hosting the event, and KTK will be broadcasting live.
Finally, as of midnightlast night, it looks like we are going to be in for stormy weather. Tropical Storm Fay is supposed to reach hurricane status and even the best case projections have us getting some wind and rain. It appears as of now that T.S. Fay will become Hurricane Fay and should be be coming across the state between Tampa Bay and Cedar Key around mindnight on Tuesday night.If you haven't already, be sure to pick up your supplies and make sure your generator is good to go. Jake's Corner 
Our August issue, featuring Schafer Construction of Gainesville Schafer Construction of Gainesville is online, and has been mailed. The National Feature is on Curb Appeal. This issue is online here.
Our September issue will be our Fall Buyer's Guide and Directory.
The October issue of Building Edge is now open for sales. We are back in Lake City, featuring Isaac Bratkovich and Isaac Construction. The National Feature will be on Weathering the Elements, including our new product showcase and covering Pest Control, HVAC, House Wrap, Brick and Siding.
In November, we will be featuring Chris Luetgert and Luetgert Development. Chris is a third generation builder intimately involved in every project he works on. We are excited to share his story with you. The National Feature will be on Green Building.
Next week, I should be able to announce our December cover.
The Summer 2008 issue of Commercial Building Edge is online here, and has been mailed. We feature Brian Crawford, owner of Concept Construction. Our National Feature is on Lighting.
The Fall 2008 issue of Commercial Building Edge, featuring Paradigm Properties is now open. the National Feature is on Green Building.
Kicking off 2009 with a bang, our Winter issue will feature Todd Duffy and ACA Construction Group, LLC. ACA Construction Group was founded in Marion County in 2001 when three of the oldest and well-respected commercial construction firms joined together.
The Summer issue of HOME is being distributed, and the feedback has been terrific. Our cover story is on Judy and Davis Rembert. In this issue, we cover the difference between Green Building and "Green Speak." We will showcase Alachua County's newest green development, Campo Verde. In our healthcare section, we interview Dr. Timothy Goldfarb, CEO of Shands. Also the response to us adding Jake Fuller and Jake's Corner has been great. This issue prompted us to go bi-monthly starting with the next issue.
The October/November issue of HOME closes for sales this week. Our cover story for this issue is the terrific coach of our Womens Soccer Team at UF, Becky Burleigh. As a fellow Sponge, it is always nice to be able to feature someone from my hometown. Becky has done us proud, and we are lucky to continue having her lead our soccer team as we enter the 2008-2009 season. This issue also include the launch of our new chef's corner, fashion corner, travel corner, a health and fitness corner and more.
We have recently picked up some ringing endorsements that will be included in the media packets. It is that time of year where budgets are being set for 2009. Let us show you how being seen in HOME has already contributed to some businesses success, and can do the same for you.
If you would like advertising information, please click here. If you would like to find out about subscribing to HOME, please click here.
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Local News  |
Ed Braddy: Mandates Make Housing Too CostlyConcern for affordable housing is rising in urban areas, and elected officials are expected to "do something about it." Inclusionary zoning mandates (IZMs) seem like an attractive way to help low income people realize the American Dream of homeownership. The idea behind IZMs is to increase the quantity of homes that are affordable to people whose income is below the median level in a given area. The typical mandate requires builders to sell a certain percentage of homes (usually 10 percent to 20 percent) at below market rates. As housing stock increases, the theory goes, so will the number of units affordable to low income people. Click Here>> A New Look for Alachua LibrariesThe future look of Alachua County's public libraries was on display Thursday afternoon during an invitation-only event at the newly renovated Alachua Branch Library. Invitees got a sneak peek at what the Millhopper Branch library and others around the county may look like some day. The $1.5 million branch expansion and renovation in downtown Alachua took about a year to complete. The project doubled the size of the library to 10,000 square feet. It will open to the public on Saturday. With work on the Alachua branch completed, library officials are planning to begin awarding bids on Wednesday for a similar overhaul on the Millhopper Branch. Click Here>> County, Municipalities to Continue Fire ContractRepresentatives of cities in the Municipalities Fire Authority have agreed to continue individual contracts for service with the county for a year while negotiating a single agreement for the 2010 budget year. The move will save money for Alachua County Fire Rescue and continue to earn money for the city fire departments. High Springs Mayor Larry Travis made the update to county commissioners Tuesday, less than a week after the commission and the authority failed to reach a contract agreement despite months of negotiations. Click Here>> County Officials Talk Housing OptionsAlachua County has a troubling lack of affordable housing despite a wide range of assistance programs and the problem will worsen unless action is taken, officials said at a Wednesday symposium. The event was arranged by County Commission Chairman Rodney Long and drew Realtors, developers, housing advocates and University of Florida staff to discuss the problems and potential solutions related to affordable housing. "I don't think it's a surprise to anyone that we are having trouble finding housing for people," said Robert Stroh, director of the University of Florida's Shimberg Center for Affordable Housing. Click Here>> County Doesn't Plan to Raise Water RatesThe Marion County Commission balked at the prospect of water and sewer rate increases Wednesday, a decision that pleased the retirees in the audience and frustrated utility department staff. The formal vote to set utility rates for the upcoming 2009 fiscal year won't come until 6 p.m. Aug. 28. But during a workshop discussion Wednesday, county commissioners said they would not support the proposal for a combined 15 percent water and sewer rate increase or a smaller increase to keep pace with inflation and the rising costs of fuel and electricity. Click Here>> Ocala Presents Balanced City BudgetThe city will proceed into the next fiscal year with a balanced budget largely because a number of employees will opt to retire early, staff advised the city council during budget review meetings Tuesday and Wednesday. To balance its 2009 budget, the city focused on improving efficiency and downsizing without layoffs. Over the past two days the City Council met with department heads to go over departmental budget requests for the 2008-2009 fiscal year, which begins Oct. 1. Click Here>> Utilities Drop Plan to Siphon Water From OcklawahaThe plan by the St. Johns Water Management District for distant Florida communities to tap the lower Ocklawaha River in Marion County is dead in the water. Nearly two dozen water utilities last year during a water management district meeting to discuss future water sources said they wanted in on the district's plan to siphon as much as 90 million gallons a day to meet their growing water demand. But the number of interested counties dwindled to half that during the next few months as Marion County dug in its heels, demanding they first look for their own water sources and do everything they could to conserve the water they had. Click Here>> Methane-To-Energy Plant Under Construction at LandfillFor years, the county has watched a potential revenue source literally go up in smoke - the methane gas produced at the Baseline Landfill. But in this "green power" era the county's about to make some green off a greenhouse gas. An Atlanta company, G2 Energy, has started construction at Baseline on a plant that will use the methane-rich landfill gas that organic waste produces as it decomposes to generate electricity. Marion County Solid Waste Director Ken Whitehead said the firm expects to have the facility up and running by October. He said the county should make $150,000 to $180,000 a year from the contract with G2 Energy, which county commissioners approved on Sept. 18. Click Here>> Sales Tax, Utility Revenue Fund Bond Debt for CityAlthough Lake City City Manager Scott Reynolds said at the July 21 City Council meeting that city impact fees were tied to municipal bonds, a statement from City Attorney Herbert Darby at the Aug. 4 City Council meeting indicated Reynolds' presumption was incorrect. Reynolds made no comment about the correction during the first meeting in August. A June 27 letter from attorney Terry McDavid on behalf of the Columbia County Builders Association and the Lake City Board of Realtors showed builders seeking relief from city and county impact fees. Reynolds had said it was not possible, because impact fees are a revenue stream for outstanding municipal bonds. Click Here>> Belleview Commission Ups Water, Sewer RatesThe price of water and sewer service in the city of Belleview will go up as of Oct. 1. During a special commission meeting on Monday, city leaders voted 3-2 to raise rates, which means a hike of $9.30 on average for customers inside city limits and additionally $13.95 for customers outside city limits. The new charges include a four-tier rate structure intended to encourage conservation. Commissioners Christine Dobkowski and Michael Goldman were not in favor of the rate increase. Both wanted to see a smaller, gradual increase; however, an initial motion for a 50 percent increase failed 2-3. Click Here>> Reynolds to Tour for Housing InsightLake City City Manager Scott Reynolds said Thursday he plans to visit Jacksonville neighborhoods after listening to a presentation Wednesday night by Operation New Hope President Kevin Gay. Gay and R. Paul Witt came from Jacksonville to help Lake City improve its housing committee. The Housing Committee is chaired by City Councilman Eugene Jefferson. Witt, owner of R.P. Witt Construction of Jacksonville, is the nephew of Mayor Stephen Witt. The mayor mentioned Wednesday night that Gay is his cousin too. Operation New Hope has two primary purposes. The Housing Division develops new homes for first-time buyers in targeted neighborhoods. Click Here>> FMPA Announces Long-Term Energy StrategyThe Florida Municipal Power Agency is looking to more than double its use of nuclear energy, invest in alternative, renewable fuels and replace its aging power plants with more efficient ones as part of its long-term energy strategy and to meet Florida's goal to slice its carbon output. The agency known as FMPA is a wholesale power company owned by 30 municipal electric utilities in Florida, including Ocala Electric Utility, and serves 300,000 homes and businesses throughout the state. It generates about 60 percent of its own power and buys the remaining 40 percent on the energy market. Click Here>> BANCF is offering 14 hours of continuing education classes. To learn more, go to Continuing Education onsite at BANCF2 MCBIA Calendar of Events
BANCF Calendar of Events
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State News  |
Tax-Swap Plan Taken off Ballot
One of the state's biggest property-tax reform plans was removed Thursday from the Nov. 4 ballot by a judge who ruled its language is ''misleading'' and does not give voters ``fair notice of the content and sweep of the proposal.'' Supporters of the so-called tax swap vowed to appeal to the Florida Supreme Court. The proposed constitutional amendment seeks to eliminate the state-set school property tax forever -- about 25 percent of the average tax bill -- and directs the Legislature to replace the education money with $9 billion to $11 billion from other sources. The replacement money was guaranteed for only one budget year, 2010-11. Yet Amendment 5's ballot language did not list this crucial one-year restriction.
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Crist: Pick Up Pace of Construction
Gov. Charlie Crist told state agency heads Thursday that he wants construction projects sped up so more money can be pumped into the sluggish state economy. The governor said there is $28.6 billion in unspent construction money that has been approved over the last 10 years for new schools, road construction, water projects, prisons and more. ''That's dough that's got to go,'' said Crist as he was surrounded by agency heads during a news conference. ''It's almost $30 billion that can stimulate this economy significantly and create new jobs and that's why we have to move faster,'' said Crist, who is calling the effort ``Accelerate Florida.''
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Florida Readies for No-Notice OSHA 'Swept Up' Week
OSHA will conduct a no-notice "Swept Up in Safety Week" campaign in August to curb construction-related fatalities in northern Florida. The agency says that in the past, such unannounced safety weeks have been successful in reducing construction-related fatalities in targeted areas of the Southeast. OSHA compliance officers will focus their enforcement efforts on construction sites in the area that reaches from Daytona Beach to Pensacola, Fla.
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First Coast Homes Make a Slow Climb
The median price of existing Jacksonville-area homes rose for sales between April and June, according to figures released Thursday by the Florida Association of Realtors. The median sales price of single-family homes sold by Realtors was $191,700, which was 3.5 percent higher than the $185,300 posted for the first three months of the year. The report is one of many used by analysts to track the state of the housing market and forecast whether falling home prices have bottomed out. "Across the state, we're seeing positive signs," Florida Association of Realtors President Chuck Bonfiglio said. He said prices "appear to be reaching equilibrium in many areas." Wayne Archer, director of the University of Florida's Bergstrom Center for Real Estate Studies, said spring 2009 could see an upward trend in the state's real estate market.
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Corporate Specialist to Head Citizens
James R. Malone can tell you about airplane maintenance, printing, even manufacturing luxury outdoor furniture. He has made a career out of helping distressed firms get their acts together, whether it be navigating restructuring, downsizing or bankruptcy. His new task -- leading the board of Citizens Property Insurance -- is somewhat atypical. The state-run insurer isn't in crisis mode. But it has been through plenty of change in the past four years and more is ahead.
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Martin County Looking at Tax Refunds to Lure New Businesses
This week, Martin County will consider what other Florida counties long ago embraced: waiving impact fees and offering tax refunds to recruit businesses. The move would be a giant leap for the county - where laissez-faire economic development practices rule - but a baby step compared with Martin's neighbors to the north and south.
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Florida's Top Mortgage Regulator Steps Down
Embattled state mortgage regulator Don Saxon, whose agency allowed thousands of former criminals to sell loans in Florida, abruptly resigned Tuesday as the state Cabinet debated his fate. After Saxon unveiled emergency changes to toughen the state's licensing rules for mortgage brokers, Chief Financial Officer Alex Sink called for his resignation for the second time in three weeks. This time, Gov. Charlie Crist seconded the motion. Before they could vote, Saxon interrupted, offering to step down effective Sept. 30, signaling the end of a state government career that began 33 years ago.
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State Farm Pressed on Rate Hike
Regulators grilled State Farm officials Tuesday, demanding explanations to justify the 47.1 percent rate hike the insurer says it needs to pay future claims. Those rate increases would be significantly higher for its policyholders in South Florida. For instance, a $300,000 home built before 2001 in Broward could see its premiums increase 80 percent to $23,414. In Miami-Dade, policyholders could expect an average 63 percent hike to $21,514 for a home of the same value. At a public hearing in Tallahassee on Tuesday, the company said its revenues have been depleted by the high cost of reinsurance and by the large mitigation credits it has been forced to give.
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State Settles Insurance Dispute with Allstate
Homeowners insured by Allstate companies will get an additional 5.6 percent rate cut because of its settlement with the state. Insurance Commissioner Kevin McCarty said Friday the company also agreed to insure 100,000 more Florida homeowners against hurricanes and other perils, forgive a $175 million loan to its Florida subsidiary and pay a $5 million fine.
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National News  |
Eye on the Economy: Housing Downswing Approaching a BottomThe U.S. economy is being whipsawed by a wide range of influences at home and abroad. These influences include wild fluctuations in energy prices, extreme volatility in national and global financial markets, a deepening housing contraction and important charges to economic policy. The government now says that growth of real gross domestic product (GDP) actually dipped slightly into the negative zone late last year, bolstering the case for a recession "call" by the Business Cycle Dating Committee at the National Bureau of Economic Research (NBER). On the other hand, GDP regained some footing during the first half of this year, particularly in the second quarter. Click Here>> Housing Suppliers Help Push Housing Bill into LawBuilding product manufacturers, suppliers and distributors played an integral role in helping to shepherd a landmark housing bill through Congress last month, according to NAHB President Sandy Dunn. "Getting the housing bill through Congress and enacted into law took a real team effort," said Dunn. "We are especially grateful for the contributions of the Suppliers for Housing Group, a coalition of 13 U.S. manufacturers and distributors, who met with their lawmakers and ran full-page advertisements in Capitol Hill newspapers on the need to pass legislation to get housing and the economy back on their feet. Their efforts helped to push the legislation across the finish line." Click Here>> First-Time Home Buyer Tax Credit Web Site Draws More Than 100,000 Visitors A newly launched Web site, www.federalhousingtaxcredit.com, has attracted more than 100,000 visitors, indicating that there is a strong interest among consumers to take advantage of a temporary $7,500 tax credit for the purchase of a first home, according to the National Association of Home Builders (NAHB). "The initial response is encouraging," said NAHB President Sandy Dunn, a home builder from Point Pleasant, W.Va. "This could be the trigger that helps move prospective first-time buyers off the fence and back into the market. But it won't last forever." The tax credit is among several provisions included in landmark housing legislation enacted into law last month that will help get housing and the economy back on their feet. Click Here>> Weak Dollar Spurs U.S. Home Sales to British BuyersNAHB's International Department is advising association members of opportunities to market their homes to potential buyers in Great Britain. With the British pound remaining strong against the U.S. dollar and U.S. house prices softening, "many British buyers agree that now could be the perfect time to snap up a bargain in the states," said Justin Figgins, director of Rightmore Overseas. Click Here>> Certified Green Professionals Now Top 1,000, Says NAHB More than 1,000 builders, remodelers and other members of the home building industry have earned the Certified Green Professional (CGP) educational designation since it was introduced early this year by the National Association of Home Builders (NAHB). "I congratulate these green building leaders. They have demonstrated a clear commitment to education and professionalism to earn this designation," said NAHB President Sandy Dunn, a home builder in Point Pleasant, W. Va. "Of course we expected the CGP to be popular, because as green building grows, many consumers are looking for a builder with real credentials in today's market," Dunn said. "Nevertheless, this is phenomenal growth. The home building industry clearly sees the value of this designation and consumers will, as well. Click Here>> $14 Billion Building and Construction Foam Market Sees Growth Potential in Eco-Friendly Product LineWeakened by a down economy, the nearly $14 billion market for polystyrene and polyurethane foam may see its resurrection in the move toward sustainable and green construction products, according to a study from SBI. U.S. shipments of all polystyrene foam products were valued at an estimated $7.2 billion in 2007, and grew at a compound annual growth rate of 2.8% between 2002 and 2007, the report found. Shipments of all products manufactured with polyurethane foam totaled an estimated $6.4 billion in 2007, a CAGR of 2.4% for the 2002-2007 period. Click Here>> DOE to Invest up to $24 Million for Breakthrough Solar Energy ProductsU.S. Department of Energy (DOE) Principal Deputy Assistant Secretary for Energy Efficiency and Renewable Energy John Mizroch announced today that DOE will invest up to $24 million in Fiscal Year 2008 and beyond-subject to the availability of funds-to develop solar energy products to significantly accelerate penetration of solar photovoltaic (PV) systems in the United States. The Solar Energy Grid Integration Systems (SEGIS) projects will provide critical research and development (R&D) funding to develop less expensive, higher performing products to enhance the value of solar PV systems to homeowners and business owners. These projects are integral to President Bush's Solar America Initiative, which aims to make solar energy cost-competitive with conventional forms of electricity by 2015. Click Here>> Olympic Village Wins Award for 'Green' DesignThe sprawling Beijing Olympic Village won its own gold medal today for going green. U.S. Treasury Secretary Henry Paulson presented Chinese officials with the Leadership in Energy and Environmental Design (LEED) Gold award during a short ceremony, saying the 160-acre Olympic Village could serve as a future prototype for energy efficiency and environmentally friendly design. "China's leaders know the development of green buildings is a critical need and the Olympic Village can serve as a model for this development," Paulson said. Click Here>> Tile Roofing Institute Fall Forum November 5-6, 2008 in OrlandoThe Tile Roofing Institute (TRI) Fall Forum - the only industry conference dedicated solely to the tile roofing profession - is returning to Florida. It will take place November 5-6, 2008 at The Villas of Grand Cypress in Orlando, Florida. The Forum will provide tile roof contractors, manufacturers, builders and design professionals a platform for networking; technical updates; market trends; and new product showcases. Educational events take place both days and will feature exhibiting booths of the leading manufacturers and suppliers of tile roofing products and services. Click Here>> | |
Commercial News  |
AGC Leaders Meet With President Bush; Discuss Impact of Rising Construction Materials PricesDouglas E. Barnhart (J. Reese Construction, Inc; San Diego, Calif.), President of the Associated General Contractors of America and Stephen E. Sandherr, CEO of the Associated General Contractors of America today met with President Bush to discuss the impact of rising petroleum costs on the construction industry. "Construction costs have risen much more than consumer prices this year, due to the extreme run-up in petroleum costs," Barnhart explained during a meeting today at the White House. "The producer price index (PPI) for inputs to construction rose 10.4% from June 2007 to June 2008, vs. 5.0% for the consumer price index. Barnhart continued, "The PPI for highway and street construction, the most fuel- and asphalt-intensive construction segment, rose 18.9%. The national average retail price of on-highway diesel fuel on August 4 was $4.50 per gallon, up 55% in a year, and 57 cents more than the average for gasoline." Click Here>> Greenblock ICF Wall Fire Resistance Rating Ideal for Commercial Construction Greenblock® Worldwide Corporation, a leading manufacturer and installer of Insulated Concrete Forms, announced their 6-inch core ICF wall assembly has received a 4-hour fire resistance rating from the internationally recognized testing agency, Intertek Testing Services NA, Inc. Greenblock had previously completed evaluation testing on its 4-inch core ICF wall system and achieved a two hour fire resistance evaluation. With that in mind, the company fully expected the evaluation for its 6-inch core to be at least 3 hours. "We were confident that we would get a 3-hour with our 6" block," said Steve Reiter, who handles building code issues for Greenblock. "However, the 4-hour rating was a pleasant surprise." Click Here>> Proposed crane rules among toughest in U.S.
Maryland could soon have some of the toughest regulations of crane operators in the nation. The state Department of Labor, Licensing and Regulation has proposed regulations that would require not just crane operators, but riggers and signal people, to complete training equivalent to a nationally recognized certification program. Cranes must also be inspected daily when used and undergo a more rigorous annual inspection. Click Here>> Opportunity Road: Flexi-Pave Created with Water Conservation In MindKevin Bagnall has spent eight years developing a product he says enables rainwater to replenish Florida's aquifers in urban areas while also diverting millions of tires from ending up as hazardous material in landfills. Like any entrepreneur who has exerted untold energy and personal financial resources bringing an invention to market, the native Englander and founder of KB Industries Inc. hopes his product will bring financial rewards. Flexi-Pave is a permeable material made from shredded old tires that's used for sidewalks, parking lots and bike trails. It allows rainwater to flow downward, through it and into aquifers. Click Here>> IRS Changes Long-Standing Position on Contractor Tax Rule ABC Aug. 1 hailed a proposed rule by the Internal Revenue Service (IRS) that reverses a long-standing agency position limiting how construction contractors can use the completed contract method (CCM) of accounting. Currently, contractors performing work on a housing project may have to pay an accelerated tax rate if the property is owned by a developer, instead of the more favorable tax rate used by homebuilders. The IRS has proposed an amendment to the Income Tax Regulations (REG-120844-07. Rules for Home Construction Contracts) that would allow contractors to qualify for the home construction contract exception regardless of who owns the property. Click Here>>
Upcoming Events
AGC of Greater Florida Calendar of Events Click Here>> AGCGF Green Building Seminar | |
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