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J U N E , 2 0 1 6

212 Hooper Avenue

Toms River, NJ 08753

800-991-9279

www.bskb-law.com

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

.

WHEN IT COMES TO

HOMEOWNER ASSOCIATION GOVERNANCE

...

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-

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

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:

Phone: (609) 588-0030

Email:

info@cainj.org

CAI Member Rate: $375.00

Non-Member Rate: $500.00

Associations:

Are You in Compliance

with New Jersey Law?