Central Florida Real Estate Blog

10/24/09
Early next week the U.S. Senate will be voting on an amendment that would extend the first-time homebuyer tax credit.  The National Association of Realtors (NAR) is supporting the Dodd-Lieberman-Isakson amendment because this amendment will:
 
--Provide the $8,000 tax credit to any buyer (not just first time).
--Set income limits at $150,000/$300,000 for single/married buyers.
--Make the credit available until June 30, 2010.

NAR is asking for help in generating phone calls from REALTORS® and the general public to Senator LeMieux and Senator Nelson's offices in Washington, DC.  Please request to speak to each Senator's Tax Legislative Assistant  and ask them to support the Dodd-Lieberman-Isakson amendment. Below are the phone numbers for your Senator's.
 
Senator Nelson  (202) 224-5274
Senator LeMieux (202) 224-3041

Here are the Issue:
Ask your Senator to support the Dodd-Liberman-Isakson Amendment by extending the $8,000 first-time homebuyer tax credit.

The Dodd-Lieberman-Isakson Amendment would:
- Extend the tax credit to June 30, 2010.
- Expand the credit by removing the first-time homebuyer requirement.
- Raise the income limits to $150,000 ($300,000 for joint returns).
- For purchases made in 2010, taxpayers are able to claim the credit on their 2009 income tax return.
- Maintains that homebuyers do not have to repay the credit, provided the home remains their main residence for 36 months after the purchase date.
- The 30-month recapture provision is waived for a member of the Armed Forces on active duty who has to move because of a military order.

Why it is needed:
- The housing market remains fragile.
    * The market has improved and prices have stablized in many areas, but the market has not fully corrected.  Retaining the credit sustains that recovery.
 - The tax credit has been effective. 
    * NAR research suggests that as many as 355,000 sales this year can be directly attributed to the availability of the credit.
    * One prominent economist attributes 400,000 sales to the availability of the credit.
- The tax credit stimulated market activity.
   * The volume of housing sales has improved steadily every month since the credit was enacted.
   * The credit pulled people from the sidelines and created some momentum that had been absent.
- Home sales continue to stimulate economic activity.
   * The economy will never fully recover until housing markets fully recover.  Thus, the stimulus the credit provides is still needed.  NAR estimates that every sale generates approximately $60,000 of additional economic ativity.

If you would like additional information, or are a first-time homebuyer looking to take advantage of the $8,000.00 tax credit, please contact Joe Bornstein, Rock Springs Realty at (877) 333-2811 or email at joe@rockspringsrealty.net.

As one of Central Florida's leading Real Estate Brokerages, we offer all forms of Residential, Commercial, and Investment Real Estate services. Our staff is dedicated to providing our clients with the finest customer service available in the industry today. Visit our corporate website at www.rockspringsrealty.net