Baek Hyunjin "Proposes Amendment to 'Jaechohwan' to Reduce Burden on Reconstruction Association Members"
Baek Hyun-jin, Supreme Council Member of the People Power Party, is attending the Supreme Council meeting held at the National Assembly on the 23rd and delivering opening remarks. Photo by Yoon Dong-joo doso7@
View original image[Asia Economy Reporter Hyunju Lee] A legislative amendment has been proposed to prevent cases where reconstruction projects are halted or delayed due to excessive reconstruction burden charges.
On the 24th, the office of Bae Hyun-jin, a member of the People Power Party, announced that it had officially proposed the "Partial Amendment Act on Reconstruction Excess Profit Recovery," which focuses on resetting the excess profit recovery system.
The bill includes changing the starting point for imposing burden charges from the current date of establishing the promotion committee to the date of approval for the establishment of the association, and raising the minimum amount for the burden charge criteria to reflect the increase in housing prices. The progressive tax rate will also be adjusted. Specifically, the current minimum amount of 30 million KRW will be adjusted to 100 million KRW to reflect the rise in housing prices, and the progressive tax rate, which increases every 20 million KRW, will be raised to increase every 30 million KRW.
Additionally, a tax reduction system for long-term homeowners with a single house is included. If there is no speculative intent, 50% of the reconstruction burden charge that the association member must pay will be waived.
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If this amendment passes, it is expected to revitalize the reconstruction market and increase private supply. In the materials released that day, Representative Bae said, "It is an unreasonable system to impose tax obligations even on the promotion committee, which is only a temporary organization to establish the association," and added, "As the Yoon Seok-yeol administration emphasizes private-led growth, the National Assembly will continue to consider regulatory innovation measures that can give the market the initiative."
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