Sustainable Land Development Today - January 2008 - (Page 15) So will the demand by consumers for access to clean water. The situation offers opportunities to come up with creative ways to use and reuse water. As indicated by the number of water supply and conservation measures now being supported by voters, these issues are resonating with consumers. Our society is now aware and becoming increasingly educated on the issues and impact that land development has on the world and their personal experiences. It is essential that industry leaders continue to educate each other on the societal dynamics that impact the perception and success of development projects. Political As the presidential election season advances, don’t look for anything hot coming out of Congress beyond rhetoric as both political parties play a chess game to avoid providing the other with campaign fodder heading into the November presidential election. Gridlock will be the name of the game on the national level, but a few pieces of legislation have been advanced and are worthy of note. In mid December, Congress approved legislation to eliminate taxes on mortgage debt, noting that it will help struggling home owners to avoid foreclosure. President Bush is expected to sign the bill into law. The Mortgage Forgiveness Debt Relief Act also will encourage marketbased restructuring between lenders and home owners and discourages foreclosures, according to officials of the National Association of Home Builders (NAHB). “This bill helps to address the subprime lending crisis by preventing strapped home owners from taking a significant tax hit to restructure their mortgages and allowing them to stay in their homes,” said Brian Catalde, a home builder from El Segundo, Calif., and president of the NAHB. Supporters argued that existing tax rules compel many struggling home owners to seek foreclosure over restructuring their loan with lenders because forgiven mortgage debt is taxed as ordinary income. Additionally, it will provide a temporary, three-year change to the tax code to eliminate any taxes home owners might face when banks renegotiate the terms of a home loan and forgive a portion of the outstanding mortgage debt. The change in the tax law will cap untaxable forgiven debt at $2 million and apply only to principal residences. So, while the national political scene will be dominated by appeasing consumers (aka voters) for November, expect local political activities to ratchet up as community residents start demanding more accountability and control over land development projects. SLDT Circle 192 • or www.SLDTonline.com/adinfo www.SLDTonline.com 15 http://www.aquashieldinc.com http://www.aquashieldinc.com http://www.SLDTonline.com/adinfo http://www.SLDTonline.com
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