NEW TAX CREDIT INFORMATION

By
Real Estate Agent with Prudential Fox and Roach REALTORS

News Release

NATIONAL ASSOCIATION OF REALTORSÒ

The Voice For Real Estate®

500 New Jersey Avenue, NW

Washington DC 20001

PUBLIC AFFAIRS

For further information contact:

Lucien Salvant, 202/383-1176

lsalvant@realtors.org

Tax Credit Extension a Positive Step Toward Sustained Real Estate Recovery, Say

Realtors®

WASHINGTON (November 5, 2009) - The National Association of Realtors® today commended the

U.S. Senate and House of Representatives for passing a bill that includes an extension and expansion of the

current home buyer tax credit as an important step in ensuring a real estate and economic recovery.

"RealtorsÒ appreciate the swift action by Congress to extend the home buyer tax credit and expand it to

some current homeowners," said NAR President Charles McMillan, a broker with Coldwell Banker Residential

Real Estate in Dallas-Fort Worth. "As the leading advocate of housing and real estate issues, we urge President

Obama to sign this legislation into law quickly to keep the momentum going in the fragile recovery of the

nation's housing market."

McMillan praised the efforts of several senators to put the recovery above politics. They are Sen.

Johnny Isakson, (R-Ga.); Senate Majority Leader Harry Reid (D-Nev.); Finance Committee Chairman Max

Baucus (D-Mont.); Sen. Chris Dodd (D-Conn.), chairman of the Banking, Housing and Urban Affairs

Committee; and Sen. Joe Lieberman (I-Conn.), chairman of the Homeland Security and Governmental Affairs

Committee.

NAR economists estimate that the current tax credit has contributed approximately $22 billion to the

general economy, and approximately 2 million people will take advantage of the tax credit this year.

"The substantial rise in home sales we've seen over the past few months proves that the tax credit is

working and is being used by buyers who were waiting for the right opportunity to get into the market,"

McMillan said. "This important incentive is helping to stabilize the housing market, stimulate the economy and

create new jobs in communities all across our great nation. Extending and expanding the home buyer tax credit

will enable even more families to take advantage of current low interest rates and affordable prices to invest in

their future through homeownership."

-more- #129

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are

members of the NATIONAL ASSOCIATION OF REALTORSÒ and subscribe to its strict Code of Ethics. Not all real

estate agents are REALTORSÒ. All REALTORSÒ are members of NAR.

Tax Credit Extension a Positive Step - add 1

The bill would extend the present $8,000 tax credit for first-time home buyers through April 30, 2010.

Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home

they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential

home buyers have a binding contract on or before that date, they will have until July 1 to close the transaction.

Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for

couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are

required to attach documentation of purchase to their tax return.

Detailed information about provisions in the tax credit legislation is available on Realtor.org.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade

association, representing 1.2 million members involved in all aspects of the residential and commercial real

estate industries.

# # #

Information about NAR is available at www.realtor.org. This and other news releases are posted in the

News Media section.

Comments (1)

Ellen Crawford
Maximum One Executive REALTORS® - Alpharetta, GA
Alpharetta Real Estate Agents & Alpharetta REALTOR

This tax credit is really a great thing for the first time buyers.  I am glad it was extended!

Nov 09, 2009 01:33 AM