US Senate to vote for extention of 8K Tax Credit

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Real Estate Agent with Remax Central Realty

US Senate to vote for extention of 8K Tax Credit


The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits.  This bill will contain the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit.

 

The Extended and Expanded Tax Credit will contain the following provisions:

 

Amount:                     $8,000

Eligibility:                  ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for       
                                   seven years to be eligible)

Income Limits:          $125,000 for single filers/$225,000 for joint filers

Time Frame:             December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in  place by April 30, 2010

 

*The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit.  This is still open to change.  The Congressional Budget Office is going to "score" the cost of 3 year and 5 year requirements. We are continuing to push for step-up buyers to be required be in their current home for three year period.

 

NAR will be monitoring the progress and any potential changes to the bill. NAR will send out a notice when the legislation is voted on tonight--regardless of how late into the night or early into the morning the debate continues.

 

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Rainmaker
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Rebecca, great information, I will be very interested on how they vote and how the Media will spread the word. Thanks for being on top of this important information

Oct 27, 2009 06:59 PM #1
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Rebecca Holborn,PA

Hi Edre!

Thank you for taking the time to comment! I was quite elated when I learned about it, so I blogged it right away. Let's hope for the best, and I will hope the media portrays this as a fabulous time to upsize or downsize!!

Take Care, and I will keep this updated!

Oct 27, 2009 09:45 PM #2
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Francisco Suarez

Hi Rebecca. We need to be vigilant. The other side is mobilizing (see below)! They already have thousands of calls being made. CALL YOUR SENATORS AND TELL THEM THAT WE NEED THIS BILL!!! Click the link below to get the phone numbers!!! Get the word out or this bill could go down in flames.

http://patrick.net/forum/?p=17154

Please oppose the $8000 debt-slave bait!

By Patrick on Wednesday, October 28th, 2009 at 4:00 pm | 2269 views | rss | email this | add a comment

The U.S. Senate will be voting on an amendment this week that would extend the first-time mortgage-slave tax credit.

The NAR is supporting the Dodd-Lieberman-Isakson amendment because they hope to get commissions for ruining more lives with debt.

This amendment would:

-Provide the $8,000 tax credit to ANY buyer (not just first time) so realtors can take more commissions at taxpayer expense.
-Set income limits absurdly high at $150,000/$300,000 for single/married buyers.
-Make the credit available until June 30, 2010, rigging the housing market to postpone affordable house prices.

The NAR is distributing "Legislative talking points" on the Dodd-Lieberman-Isakson Amendment $8,000 "Homebuyer" Tax Credit so realtors know how to spin the issue in public.

Patrick.net is asking for your help in generating phone calls to your senators in Washington, DC.

Please request to speak to each Senator's Tax Legislative Assistant and ask them to OPPOSE the Dodd-Lieberman-Isakson amendment. We need to generate as many calls as quickly as possible. Here is a list of the phone numbers for our Senators:

http://www.senate.gov/general/contact_information/senators_cfm.cfm

Feel free to repost this article anywhere you want.

Thank you!

Oct 29, 2009 11:12 AM #3
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Rainer
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Rebecca Holborn

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