CAI-NJ Jun.2016

the positions it espouses will be for the collective good of the community associations throughout the State and the CAI membership. Its actions will also be consistent with existing statutes, regulations, and established case law. H.R. 4696 HelpingourMiddle- Income Earners (the “HOME Act”). While not only of financial value to seniors in our communities, H.R. 4696 is a bill introduced in the House of Representatives on March 3, 2016 that will impact all community associ- ation members. This bill amends the Internal Revenue Code to allow indi- vidual taxpayers an income-based tax deduction, up to $5,000, for qual- ified homeowners association assess- CAI-NJ is proud to offer members Alternative Dispute Resolution (ADR) Mediation Services This program is an alternative to litigation, as mandated by state law. This service includes negotiation and mediation with a neutral party, and is offered to community associations. Use our trained mediators to quickly and economically resolve your dispute. Examples of disputes covered are: • Parking • Pets • Noise • Rules Violations • Maintenance Problems For information on CAI-NJ’s ADR Program, please contact us at: Associations: Are You in Compliance with New Jersey Law?

ments paid during the taxable year. The bill defines “qualified homeowners association assessments” as regularly occurring, mandatory financial assess- ments: (1) that are paid by a taxpayer to a homeowners association for the taxpayer’s principal residence, (2) that directly benefit such residence, and (3) that arise from the taxpayer’s mandato- ry and automatic membership in such

association. The bill requires homeown- ers associations to file an informational return that sets forth the name, address, and taxpayer identification number of a taxpayer from whom the association receives assessments and the amount of such assessments. I will keep you informed of the LAC’s deliberations and the progress of these bills in the coming months. n

WHEN IT COMES TO HOMEOWNER ASSOCIATION GOVERNANCE ...

As community association attorneys, we are committed to providing efficient, sound and distinguished representation to homeowner and condo associations in New Jersey. We pride ourselves on our ability to blend our years of experience with a time-tested understanding of how to get things done .

Phone: (609) 588-0030 Email: info@cainj.org CAI Member Rate: $375.00 Non-Member Rate: $500.00

212 Hooper Avenue Toms River, NJ 08753 800-991-9279 www.bskb-law.com

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