BIA Advocacy Update

North Dakota Housing Initiative proposal announced by Governor Burgum 

Gov. Burgum recently released a proposal to address workforce and housing issues in North Dakota. The key points were developed with the assistance of the ND Housing Initiative Advisory Committee, which included individuals appointed by Governor Burgum. Amongst these committee members was Jeff Sattler, Sattler Homes, and North Dakota Association of Builders board member. 

Click here to read the highlights.

Additional information can be found on this webpage: https://www.hhs.nd.gov/nd-housing-initiative.

The proposal includes a $96 million investment for:

• Reducing red tape 
• Supporting local housing markets
• Investing in housing supply
• Making good use of existing infrastructure
• Supporting homeless services
• Building the construction workforce pipeline

News from National (NAHB)

Court Vacates New Overtime Rule

The Eastern District of Texas issued a nationwide injunction in a coalition lawsuit NAHB filed challenging the Department of Labor’s 2024 Overtime Rule. Because of the ruling, the salary level for determining overtime pay eligibility for salaried employees, categorized as executive, administrative or professional workers, has been lowered to the pre-2024 level of $35,568.

This lawsuit was in response to a DOL proposed rule in 2023 that would increase the current salary level for determining overtime pay requirements for executive, administrative, professional, outside sales and computer employees from $35,568 annually to $55,068 annually — a nearly 55% increase.

For more information on the ruling, click here.

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Deadline for Beneficial Ownership information is Jan. 1

Please be aware of scams. Known scams include a request for a fee for filing beneficial ownership information, receipt of an email or letter asking you to click on a URL or to scan a QR code, receipt of correspondence that references a Form 4022 or Form 5102 (FinCEN has no such forms), or receipt of correspondence that references the U.S. Business Regulations Dept. (There is no such U.S. government entity.) 

NAHB wants to remind members that the Jan. 1, 2025, reporting requirement deadline under the Corporate Transparency Act is rapidly approaching. 

If you create or have created a corporation, limited liability company (LLC) or other similar entity by filing a document with a Secretary of State or similar office, you may be required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN.)

You are subject to this beneficial ownership reporting if your company has 20 or fewer employees and did not file a federal income tax return reflecting more than $5 million in gross sales or receipts in the previous year. 

There is no fee to file beneficial ownership information directly with FinCEN.

Reporting companies created before Jan. 1, 2024, must file their initial beneficial owner report no later than Dec. 31, 2024. If your company was created between Jan. 1, 2024, and Dec. 31, 2024, your initial report is due within 90 calendar days of the date the entity is formed. Companies created on or after Jan. 1, 2025, will have 30 calendar days from their formation to file their reports. 

Read the full article here. 

Minnesota Paid Leave publishes final proposed rules

The final proposed rule for the program became available Nov. 25, 2024. You can read the proposed language here.

If you wish to make comments, you can do so through Jan. 3, 2024 at 4:30 p.m. CST: Office of Administrative Hearings Comments On Rules. Please note: comments received are public and will be available for review at the OAH Rulemaking eComments website.

Minnesota Dept. of Labor & Industry Newsletter

Click here to read the newsletter from November 2024.

It includes information on minimum wage requirements, apprenticeships and more.