Relief could be on the way...US Senate Stimulus Update

By
Real Estate Broker/Owner with NP Dodge Real Estate

Relief could be on the way. This will be a huge incentive. I have heard that they are working to make this available at closing... Mike Riedmann, Prsident of NP Dodge Real Estate

 

Last evening the United States Senate unanimously passed a bipartisan amendment, offered by REALTOR® Champions, Senators Johnny Isakson (R-GA) and Joe Lieberman (ID-CT) to the Economic Stimulus Bill creating a $15,000 tax credit to individuals who purchase a home in the next year.

Specifically, the Isakson-Lieberman amendment to the pending economic stimulus bill would provide a direct tax credit to any homebuyer who purchases any home. The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year of the legislation's enactment, and the tax credit would not have to be repaid.

The amendment would allow taxpayers to claim the credit on their 2008 income tax return. It also seeks to prevent misuse by only allowing purchases of a principle residence and by recapturing the credit if the home is sold within two years of purchase. The amendment would sunset the current $7,500 housing tax credit on the date of enactment.

While the final details of the Stimulus Bill are still being debated, this amendment represents a tremendous step forward in NAR's efforts to stabilize housing markets around the nation.  Because of the efforts of REALTORS®, we expect the final Economic Stimulus Bill will contain several major housing provisions.  We will continue to update you as the bill progresses through the legislative process.

 

Comments (3)

Team Honeycutt
Allen Tate - Concord, NC

I hope we can get some relief and get it soon! I really think we can get the buyers to start coming out of the woodworks!

Feb 05, 2009 03:40 AM
Mike Klijanowicz
Cummings & Co. Realtors - Perry Hall, MD
Associate Broker @ Cummings & Co. Realtors

I think I may put a for sale sign in my lawn then too!  Apparently it isn't just for First Time Home Buyers???

Feb 05, 2009 04:02 AM
NP Dodge Nebraska
NP Dodge Real Estate - Omaha, NE

I think you are both correct!  I too would be putting a for sale sign in my yard. 

Feb 05, 2009 06:31 AM