Bi-Partisan Push to Extend Homebuyer Tax Incentives
According to The Washington Post, “Two Dallas-area congressmen - one a Democrat, the other a Republican – have introduced bills that not only would broaden the reach of the current housing tax credits to almost everybody, but would keep the program going until either mid-2010 or the end of that year.”
The current credit program expires on the last day of November 2009. H.R. Bill 2619, sponsored by Republican Kenny Marchant, would expand the current $8,000 federal tax credit to all homebuyers–not just first-time buyers. The bill would also extend the federal program through June 2010.
“The bill would also create an unprecedented $3,000 credit to help offset ‘qualified refinancing cots’ – closing fees, lender charges and the like - through next June,” wrote The Washington Post.
Democrat Rep. Eddie Bernice Johnson introduced the Homebuying Credit Expansion Act (H.R. 2606). It would extend the current credit through December 31, 2010. The bill would open the tax credit to all buyers of principal residences. Unlike the Republican bill, it would not provide any new tax incentives to refinancing home owners.
According to The Washington Post, Mary Trupo, public policy director for the National Association of Realtors, said, “We say – if the credit is working for first-time homebuyers, then why not for all buyers, with no income limitations? We would like to see the expiration date extended beyond November 30, 2009. Expanding the credit is really the way to stabilize the housing market – by making it available to everybody.”
The Washington Post reported that Trupo said, “First-time homebuyers accounted for one-half of all purchasers in March – up from one-third in January – and that increase is directly attributable to the tax credit.”
In summary, The Washington Post article read, “…later this year, you can bank on it: There will be a significant push to extend the housing tax credit – and maybe even open it up to everybody.”
Personally, I have sold several first-time homebuyers as a direct result of the tax credit. I am currently working with two more. I hope the tax credit will be expanded in scope and extended time-wise. The rebirth of our economy is tied directly to the residential real estate market.
For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404. I have specialized in Katy real estate for over 20 years. Experience does count!
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