Legislation will promote growth, stability in housing market
Washington, DC – Reps. Frank Kratovil (D-MD) and Travis Childers (D-MS) have introduced important legislation to help families buy and sell homes and spur growth and stability in the American housing market. The Tax Credit Extension for Homebuyers with a Loss Deduction Incentive Act (H.R. 3640) will extend for one year the $8,000 home-buyer tax credit, expand the credit to all homebuyers purchasing a principal residence, and provide relief for individuals or families who are forced to sell their home at a loss.
“Realtors and home buyers alike are reporting that the first time home buyer tax credit is working to revitalize the housing industry. In this economy it would be foolish to allow something that is working to simply expire,” said Rep. Frank Kratovil (D-MD). “Instead we need to extend this tax credit so that more first time buyers have an opportunity to enter the market, but also expand the credit so that all American’s are able to buy a home and give the entire economy a shot in the arm.”
“As a veteran realtor for over 30 years, I have seen firsthand the ups and downs associated with the housing market. Recent signs of recovery in the market are certainly encouraging, but we must follow through and sustain the progress linked to the initial benefits of the homebuyer tax credit,” said Congressman Childers. “H.R. 3640 will allow more American families to take advantage of this tax credit, provide an incentive for people to sell homes that are inflating an already flooded marketplace, and help further stabilize the housing industry. I am proud to join with Rep. Kratovil to introduce this important and timely legislation.”
“This bill adds to the growing groundswell of support in the U.S. House of Representatives for extending and enhancing the Homebuyer Tax Credit,” said National Association of Realtors President Charles McMillan. “The National Association of Realtors estimates that 350,000 additional home sales will take place as a result of the current tax credit. Stability in the housing market will help the nation's economic recovery. We applaud the efforts of Reps. Frank Kratovil and Travis Childers for showing leadership on this important issue.”
The loss deduction provided by H.R. 3640 will be carried over a three year period and is worth up to $4,000 on an annual basis ($12,000 over a three year period). This provision is directly correlated to what is offered on capital assets to Americans who suffer a loss within a given year.
Click here to read the bill.
16 comments:
I would rather save mine then help someone else have an easier time getting it.
Do.Not. Trust Kratovil. Ever.
More of our grand-childrens future being pissed away.
More freaking handouts. What is wrong with these people?
Woop-te-do. They are going to give you a credit on money that they took from you in the first place.
Only a Dumbocrat can think that way.
How about a tax amnesty for ALL homeowners for 6 months?
Commenters: You do know this is a tax cut, right? It has the effect of lowering taxes collected by the federal government. And it even makes the tax cut available to wealthy people, who can't currently get the tax credit now.
For crying out loud, it's basically a tax cut for the rich! I thought those were more popular than candied apples around here.
No, they do not understand that. It puts more money in their pockets so they can spend more to support local business, to buy homes and get the economy back without giving handouts to big business. I guess that is too complicated.
5:19: You should know by now that, for most readers of this blog, tax cuts are wonderful things which stimulate the economy when implemented by Republicans, but they're "freaking handouts" when put in place by Democrats.
Of course, Democrats can't do *anything* right as far most readers here are concerned. At least they're consistent.
Why do I need to help someone I don't know buy a house?
There are people I know, who buy houses, and I don't help them at all - and they don't expect me to help them. Need help? Don't buy the house. HOw's that for offering some good old fashioned advice. Now that is helping - right?
Think about it.
We are not only going to help others buy a house. We are going to borrow the money to help them. They get the house. We don't just give them some of our money to buy it. We actually take out a loan, make monthly payments, and give them the money.
Did someone suggest tax amnesty for all homeowners for six months? Can you not put two and two together that property taxes are state taxes that fund roads, libraries, schools, bridges, hospitals, etc........
Without property taxes we all lose essential services. I'm sure you are in favor of an every man for himself attitude because you are an idiot, but some people think a society that provides for the common good is in fact not socialism but wholly and entirely American.
This is a federal tax rebate, not a property tax, that that has nothing to do with public services. Instead, via tax cuts, it puts money back in the pockets of people who just spent money on a home so they can continue to make purchases in the market that support business and create revenue for the government via the slaes tax SO THEY DO NOT HAVE TO RAISE TAXES.
Get it?
7:20, they get it. They just need another excuse to bash Dems. Anything the Pres./Dems do has been deemed "socialist and antiamerican". The chant is getting old, even among the pres.'s detractors.
I HAVE THOUGHT ABOUT THIS and the good old fashioned advice I have....in good times prepare yourself for the bad times....pay off your mortgage with priciple payments instead of blowing your cash on sh!t you don't need or the upscaling to keep up with the Jones. That way you NEVER have to be in a SITUATION in which you have to RELY on handouts from ANYONE. Especially those who think they can BUY ANYTHING in life they want. Its worked out GREAT for me. :)
Headline should read: "Delusional Republicans call tax cuts 'handouts'"
I guess that you'd all be willing to give back the handout called the mortgage interest deduction? Why should I help you pay for your house? Why don't renter's get to deduct a portion of their housing/consumer debt costs?
You guys are all fools.
MD_Progressive
7:20 Give me a break!
You sound like your reading stright from the Dumbocrat playbook!
"Without property taxes we all lose essential services. I'm sure you are in favor of an every man for himself attitude because you are an idiot, but some people think a society that provides for the common good is in fact not socialism but wholly and entirely American."
Sure, and if we cut school funding we have to stop supporting football.
But we need to keep paying for bilingual education for teh illegals in this country, and all of the other socialist crap that is uunnessessary.
When you add up all the taxes you pay, it comes to about 55% of your income. It is not all going to pay for roads amd bridges and essential services.
It does pay for graft corruption, patronage, and all kinds of pork!
Wake up dumbass!
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