Last October most people thought the first time home buyers’ tax credit was over and done with, the deadline of November 30, 2009 looked impossible for most people to close escrow within the time frame necessary to claim their tax credit of up to $8,000. Don’t let this happen twice!
Thanks to the National Association of REALTORS’® call to action and the overwhelming response of its members, we got an extension and expansion of this valuable program. Its new expanded version not only extends the first time home buyer tax credit but now opens the program up to property owners that have owned their home for at least five (5) years.
I invite you to visit REALTOR.org for a full explanation of this program together with free and low-cost pamphlets to order/download explaining how this works. Bottom line for both tax credit groups is they must have a property under contract by April 30th, 2010 and close escrow by June 30th. Come on people – time’s a wastin’. Let hit the road running and help clients take advantage of that credit. Check out what’s going on right now to help you:
Showing posts with label stimulus. Show all posts
Showing posts with label stimulus. Show all posts
Friday, February 12, 2010
Monday, September 21, 2009
TAX CREDIT CHANGES
September 21, 2009 From Realty Times
Washington Report: Tax Credit Changes by Kenneth R. Harney
The first major change to the $8,000 home buyers tax credit began moving through Congress last week, giving hope to real estate and building groups pushing for extension of the entire program before it expires Nov. 30.
House Ways and Means Committee chairman, Congressman Charles Rangel, a New York Democrat, combined several smaller bills into the “Service Members Home Ownership Act of 2009” late last week, with a floor vote expected this week.
The bill is intended to correct a flaw in the original tax credit legislation: By requiring buyers to occupy and own their first home for 36 months to fully qualify for the credit, the program creates serious problems when military, Foreign Service and intelligence agency personnel are transferred overseas.
During their absence, they are not occupants of their houses, and sometimes have to rent them out or sell. Any of these events make them ineligible to retain the $8,000 credit under current law. Ineligible buyers must then repay the credit to the IRS.
Oregon Congressman Earl Blumenauer, sponsor of one of the bills consolidated into Rangel's, said “it is absurd that thousands of Americans serving our country, away from friends and family ... must choose between their service work and home ownership.”
The Ways and Means committee's bill would waive the repayment requirement when a service member must sell a home within the 36 month period because of a transfer to a new duty station or overseas, and would count service-related absences toward the 36 month requirement.
Another provision in the bill would extend the $8,000 credit for another year for personnel who may have missed out on claiming the credit because they thought they wouldn't qualify due to an overseas posting.
The credit for these individuals would be extended to November 30, 2010 from November 30, 2009, provided the served outside the U.S. for at least 90 days during calendar year 2009.
The bill, which has bipartisan support, could be sent to the Senate for action as early as next week, Congressional sources told Realty Times.
More important for the housing market overall, however, is the precedent set by the bill's extension of the credit for an extra year. It's not a far leap from that position to a general extension of the entire $8,000 credit program to the same date.
The National Association of Realtors, National Association of Home Builders and the Mortgage Bankers Association jointly sponsored an ad campaign last week aimed at convincing Congress to give the credit program another year.
Realty Times will keep you on top of this fast-moving issue as it develops.
Copyright © 2009 Realty Times. All Rights Reserved
Washington Report: Tax Credit Changes by Kenneth R. Harney
The first major change to the $8,000 home buyers tax credit began moving through Congress last week, giving hope to real estate and building groups pushing for extension of the entire program before it expires Nov. 30.
House Ways and Means Committee chairman, Congressman Charles Rangel, a New York Democrat, combined several smaller bills into the “Service Members Home Ownership Act of 2009” late last week, with a floor vote expected this week.
The bill is intended to correct a flaw in the original tax credit legislation: By requiring buyers to occupy and own their first home for 36 months to fully qualify for the credit, the program creates serious problems when military, Foreign Service and intelligence agency personnel are transferred overseas.
During their absence, they are not occupants of their houses, and sometimes have to rent them out or sell. Any of these events make them ineligible to retain the $8,000 credit under current law. Ineligible buyers must then repay the credit to the IRS.
Oregon Congressman Earl Blumenauer, sponsor of one of the bills consolidated into Rangel's, said “it is absurd that thousands of Americans serving our country, away from friends and family ... must choose between their service work and home ownership.”
The Ways and Means committee's bill would waive the repayment requirement when a service member must sell a home within the 36 month period because of a transfer to a new duty station or overseas, and would count service-related absences toward the 36 month requirement.
Another provision in the bill would extend the $8,000 credit for another year for personnel who may have missed out on claiming the credit because they thought they wouldn't qualify due to an overseas posting.
The credit for these individuals would be extended to November 30, 2010 from November 30, 2009, provided the served outside the U.S. for at least 90 days during calendar year 2009.
The bill, which has bipartisan support, could be sent to the Senate for action as early as next week, Congressional sources told Realty Times.
More important for the housing market overall, however, is the precedent set by the bill's extension of the credit for an extra year. It's not a far leap from that position to a general extension of the entire $8,000 credit program to the same date.
The National Association of Realtors, National Association of Home Builders and the Mortgage Bankers Association jointly sponsored an ad campaign last week aimed at convincing Congress to give the credit program another year.
Realty Times will keep you on top of this fast-moving issue as it develops.
Copyright © 2009 Realty Times. All Rights Reserved
Monday, February 23, 2009
Stimulus Plan - By State/City - You can vote!
This is a very interesting web site. It allows you to see state by state the amount of stimulus requested by U.S City Mayors. It also lets you look at a breakdown by city.
This site was put together by StimulusWatch.org? Details and a FAQ are atTHE HOME PAGE
You can even vote your support for each project.
PROJECTS BY STATE & CITY & AMOUNT
– President Barack Obama in his Inaugural Address
"The question we ask today is not whether our government is too big or too small, but whether it works—whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end. Those of us who manage the public's dollars will be held to account—to spend wisely, reform bad habits, and do our business in the light of day—because only then can we restore the vital trust between a people and their government."
Congress and the President are getting ready to spend billions of dollars to try to stimulate the economy. As a result, the U.S. Conference of Mayors has responded by releasing a list of "shovel-ready" projects in cities around the country that the mayors would like to see funded. President Obama, however, has promised to spend stimulus dollars only on critical projects.
"What we need to do is examine what are the projects where we're going to get the most bang for the buck [and] how are we going to make sure taxpayers are protected," he has said. "You know, the days of just pork coming out of Congress as a strategy, those days are over."
StimulusWatch.org was built to to help the new administration keep its pledge and to hold public officials to account. We do this by allowing you, citizens around the country with local knowledge about the proposed projects in your city, to find, discuss and rate those projects.
Arizona Mayors submitted 743 "shovel ready" projects for a total of $5,574,053,222.
Stimuluswatch.org is a great example of how easy it is today for people to, as Clay Shirky says, “organize without organizations.” Stimuluswatch.org began after Jerry Brito attended a mayor’s Conference and posted this request:
"Let’s help President-Elect Obama do what he is promising. Let’s help him “prioritize” so the projects so that we “get the most bang for the buck” and identify those that are old school “pork coming out of Congress”. We can do this through good clean fun crowdsourcing. Who can help me take the database on the Conference of Mayors site and turn each project into a wiki-page or other mechanism where local citizens can comment on whether the project is actually needed or whether it’s a boondoggle? How can we create an app that will let citizens separate the wheat from the pork and then sort for Congress and the new administration the project in descending order or relevancy?
Your chance to provide your input to how the funds are spent! Go for it!
.
This site was put together by StimulusWatch.org? Details and a FAQ are at
You can even vote your support for each project.
– President Barack Obama in his Inaugural Address
"The question we ask today is not whether our government is too big or too small, but whether it works—whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end. Those of us who manage the public's dollars will be held to account—to spend wisely, reform bad habits, and do our business in the light of day—because only then can we restore the vital trust between a people and their government."
Congress and the President are getting ready to spend billions of dollars to try to stimulate the economy. As a result, the U.S. Conference of Mayors has responded by releasing a list of "shovel-ready" projects in cities around the country that the mayors would like to see funded. President Obama, however, has promised to spend stimulus dollars only on critical projects.
"What we need to do is examine what are the projects where we're going to get the most bang for the buck [and] how are we going to make sure taxpayers are protected," he has said. "You know, the days of just pork coming out of Congress as a strategy, those days are over."
StimulusWatch.org was built to to help the new administration keep its pledge and to hold public officials to account. We do this by allowing you, citizens around the country with local knowledge about the proposed projects in your city, to find, discuss and rate those projects.
Arizona Mayors submitted 743 "shovel ready" projects for a total of $5,574,053,222.
Stimuluswatch.org is a great example of how easy it is today for people to, as Clay Shirky says, “organize without organizations.” Stimuluswatch.org began after Jerry Brito attended a mayor’s Conference and posted this request:
"Let’s help President-Elect Obama do what he is promising. Let’s help him “prioritize” so the projects so that we “get the most bang for the buck” and identify those that are old school “pork coming out of Congress”. We can do this through good clean fun crowdsourcing. Who can help me take the database on the Conference of Mayors site and turn each project into a wiki-page or other mechanism where local citizens can comment on whether the project is actually needed or whether it’s a boondoggle? How can we create an app that will let citizens separate the wheat from the pork and then sort for Congress and the new administration the project in descending order or relevancy?
Your chance to provide your input to how the funds are spent! Go for it!
.
Subscribe to:
Posts (Atom)
