NAR needs your help generating phone calls from Arizona REALTORS® and homeowners to the DC offices of Senator McCain (202-224-2235) and Senator Kyl (202-224-4521). Request to speak to each Senator’s Tax Legislative Assistant and ask them to support the Dodd-Lieberman-Isakson amendment.
Ask your Senator to support the Dodd/Lieberman/Isakson amendment by extending the $8,000 first time homebuyer tax credit.
What is in the bill?
1. The bill would expand the credit by removing the first time homebuyer requirement. This means that move up buyers would also benefit
2. Extend the tax credit to June 30, 2010.
3. Raise the income limits to $150,000 ($300,000 for joint returns). Opens the door to more folks to take advantage of this opportunity.
4. Maintains that homebuyers do not have to repay the credit, provided the home remains their main residence for 36 months after the purchase date.
5. For purchases made in 2010, taxpayers are able to claim the credit on their 2009 income tax return. This would generate more spending in all sectors.
6. The 36 month recapture provision is waived for a member of the Armed Forces on active duty who has to move because of a military order.
Why it is needed:
1. The tax credit has been effective. There have been signs of recovery.
2. The market has improved and prices have stabilized in many areas, but the market has not fully corrected. Retaining the credit sustains that recovery. We in the Phoenix market need all the help we can get to get housing moving again…and help our recovery overall.
3. As many as 355,000 sales this year can be directly attributed to the availability of the credit.
4. The tax credit stimulated market activity.
5. The credit pulled people off the fence and helped them become homeowners.
6. Home sales stimulate economic activity.
7. The volume of housing sales has improved steadily every month since the credit was enacted.
8. The economy will never fully recover until housing market recovers.
SO…pick up the phone and make your voice heard!