Ellsworth Calls for Homebuyer Tax Credit Extension
WASHINGTON, DC - October 15, 2009 - (RealEstateRama) — A local Congressman is supporting efforts in Congress to extend a popular tax break for new homeowners. Rep. Brad Ellsworth says the First-Time Homebuyers Tax Credit has been wildly successful and should be extended for another year. Congress approved the 8,000 tax credit as part of the Economic Recovery Plan in February, but the program is set to expire on November 30, 2009.
Ellsworth co-sponsored legislation, H.R. 3640, to provide an extension and allow more homebuyers to participate. Specifically, the bill would extend the deadline to December 1, 2010 and open up the credit to all homebuyers purchasing their principal residence. Ellsworth said extending the tax credit will benefit more than just homebuyers:
“This is not only good for homebuyers, it’s good for our communities. By boosting home sales in areas that have experienced significant numbers of foreclosures, this credit has begun to stabilize home values for neighborhoods across the country,” said Ellsworth. “In addition, new home sales have promoted home construction and realtor jobs in our community; putting our neighbors back to work.”
Nearly 5,900 Hoosiers have taken advantage of the program so far. To qualify, most new homebuyers must complete the purchase of the home on or before November 30, 2009. Last week, Congress voted to extend the deadline by one year for service members, intelligence personnel and Foreign Service officers deployed overseas.
“It’s just common sense; we should not penalize these men and women for their service to our country,” said Ellsworth. “The extension will ensure they can take advantage of this opportunity when they return.”
Comments
The current tax credit has made a great improvement in the housing market in my area . There is a lot of talk in the real estate field about the next wave of foreclosures coming soon. I’m cheerleading for an extension for my community’s sake.
Leave a comment
Related posts:
- Hill Reminds Southern Indiana Residents about Homebuyer Tax Credit Extension
Washington, DC - December 2, 2009 - (RealEstateRama) -- Congressman Baron Hill wants to remind Southern Indiana residents that potential homebuyers will be able to take advantage of the $8,000 homebuyer tax credit through next spring. The extension took effect yesterday, December 1, 2009, and will last until April 30, 2010...
- Hill Votes to Extend Unemployment Benefits, Homebuyers’ Tax Credit and Business Tax Relief to Stimulate Local Economy
H.R. 3548 was passed by the House Thursday and signed into law by President Obama Friday. Washington, DC - November 10, 2009 - (RealEstateRama) -- Late last week, Congressman Baron Hill voted to stimulate the local economy and provide stability to American families hit hardest by the recession by extending unemployment benefits, the homebuyers’ tax credit, and tax relief for...
- Carson Votes to Extend Unemployment Insurance Benefits, Homebuyes’ Tax Credit, Tax Relief for Businesses
Washington, D.C. - November 9, 2009 - (RealEstateRama) -- On Thursday, Congressman André Carson joined his House colleagues in voting to extend unemployment benefits, the homebuyers’ tax credit, and tax relief for military families and businesses...
- Hill Supports Service Members Home Ownership Tax Act of 2009
Bill ensures that men and women serving overseas get equal access to tax credits and benefits. Washington, DC - October 13, 2009 - (RealEstateRama) -- Late last week, Congressman Baron Hill voted in support of the Service Members Home Ownership Act of 2009, H.R. 3590. The bill was passed by an overwhelmingly bipartisan vote on the evening of Thursday, October...
- Deadline for property tax exemptions extended
The deadline for filing property tax exemptions in Indiana’s been extended. The new deadline is October 15. To qualify, you must have owned your primary residence as of March 1 of this year. If you have previously filed an exemption on your property, you only need to refile if you have moved or refinanced. Those who’ve missed the June deadline but filed...
Thank you Congressman,
I agree that the Tax Credit is good for the country, The Economy and the Home buyer…
Please Keep a good thing going..!
Carlos