Massachusetts Home Buyer Network
A Community For Massachusetts Home Buyers And Homeowners
Bills Aim to Expand the First-Time Home Buyer Tax Credit
With the first-time home buyer tax credit set to expire this November, legislators and interest groups are drawing-up plans to expand the credit. According to the National Association of Realtors (NAR), first-time buyers currently make up 40 percent of home purchases, about 5 percentage points higher than the historical average. Many are turning to this demographic, spurred by the tax incentive, to continue to bolster home sales, stabilize prices and hopefully drag the rest of the real estate market behind.
Bernard Baumohl, an economist at the Economic Outlook Group, was quoted in USA Today, “I’m fairly confident that [Congress] will extend the tax credit, because it is so important that housing come back.” The less confident point out that the prospect of further reducing taxes as the public becomes increasingly concerned about the growing budget deficit might dissuade politicians.
Some of the current proposers and proposals include:
-Republican Senator Johnny Isakson, of Georgia, introduced a bill to expand the tax credit up to $15,000 for any home buyer, regardless of income. This bill is co-sponsored by Connecticut Democrat Christ Dodd, Senate Banking Committee Chairman.
-Texas Representative, Republican Kenny Marchant, advocates a bill to keep the $8,000 tax credit in place until June 2010 and extend it to all home buyers. In addition, this bill would offer a $3,000 credit to homeowners who refinance.
-Another Texan, Democrat Eddie Bernice Johnson, introduced a bill that extends the credit to all home buyers through 2010.
-A consortium of CEOs from large companies known as The Business Roundtable recently suggested Congress propose and adopt a bill that makes all home buyers eligible for a tax credit of $15,000.
Currently, the $8,000 tax credit is for first-time home buyers earning less than $95,000 annually as individuals or less than $170,000 annually as couples.
For further information, read the USA Today article.
Bernard Baumohl, an economist at the Economic Outlook Group, was quoted in USA Today, “I’m fairly confident that [Congress] will extend the tax credit, because it is so important that housing come back.” The less confident point out that the prospect of further reducing taxes as the public becomes increasingly concerned about the growing budget deficit might dissuade politicians.
Some of the current proposers and proposals include:
-Republican Senator Johnny Isakson, of Georgia, introduced a bill to expand the tax credit up to $15,000 for any home buyer, regardless of income. This bill is co-sponsored by Connecticut Democrat Christ Dodd, Senate Banking Committee Chairman.
-Texas Representative, Republican Kenny Marchant, advocates a bill to keep the $8,000 tax credit in place until June 2010 and extend it to all home buyers. In addition, this bill would offer a $3,000 credit to homeowners who refinance.
-Another Texan, Democrat Eddie Bernice Johnson, introduced a bill that extends the credit to all home buyers through 2010.
-A consortium of CEOs from large companies known as The Business Roundtable recently suggested Congress propose and adopt a bill that makes all home buyers eligible for a tax credit of $15,000.
Currently, the $8,000 tax credit is for first-time home buyers earning less than $95,000 annually as individuals or less than $170,000 annually as couples.
For further information, read the USA Today article.
Add a Comment
About
The Latest Listings
Boston Herald
Boston Globe
Badge
© 2009 Created by Rich Rosa on Ning. Create a Ning Network!
You need to be a member of Massachusetts Home Buyer Network to add comments!
Join this Ning Network