Please call your Senators at 1-866-924-NAHB (6242)
Background
On Thursday, January 22nd, the House Ways and Means Committee passed H.R. 598, the American Recovery and Reinvestment Act. This bill will make up a substantial part of the House of Representative’s economic stimulus package and contains tax provisions of interest to the housing industry.
On Thursday, January 22nd, the House Ways and Means Committee passed H.R. 598, the American Recovery and Reinvestment Act. This bill will make up a substantial part of the House of Representative’s economic stimulus package and contains tax provisions of interest to the housing industry.
The National Association of Home Builders has been advocating for targeted incentives that would build upon the foundation of the $7,500 first-time home buyer tax credit passed by Congress last year. Unfortunately, the committee fell short of adopting key recommendations in H.R. 598 that the NAHB believes would perfect the structure and scope of the credit.
While well intentioned, the tax credit passed last year was flawed in several ways. It was really a loan that had to be repaid, it was only available until June 30, 2009, and the $7,500 was not enough to entice people to buy. Further, the credit could not be used at the closing table, a key omission that would make the credit more attractive to home buyers.
NAHB believes that the effectiveness of the credit can be greatly enhanced by eliminating the repayment requirement, increasing the credit amount to at least $10,000, extending the eligibility period to December 31, 2009, and allowing the credit to be used at closing.
H.R. 598 does eliminate the repayment requirement on the credit, but fails to include any of the other recommendations that NAHB believes are necessary to maximize its effectiveness.
H.R. 598 does eliminate the repayment requirement on the credit, but fails to include any of the other recommendations that NAHB believes are necessary to maximize its effectiveness.
Next Tuesday, January 27, the Senate Finance Committee will be considering its version of the economic stimulus package. Based upon the draft of this legislation, the Finance bill also falls short. Like H.R. 598, it does eliminate the repayment requirement on the credit, but it fails to include any of the other recommendations that NAHB believes are necessary to maximize its effectiveness. NAHB asks that you contact your Senators immediately to ask that our recommendations are included.
Take Action
Please call your Senators now at 1-866-924-NAHB (6242) and tell them:
1. The Senate stimulus bill as currently crafted by the Finance Committee does not go far enough to maximize the home buyer tax credit
2. Extend the eligibility period to December 31, 2009
3. Increase the home buyer tax credit amount to $10,000
4. Allow the credit to be used at closing
5. Ask them to contact their Senate colleagues Max Baucus, Chairman of the Senate Finance Committee and Charles Grassley, Ranking Member on the Senate Finance Committee and ask them to include the above housing tax credit items in the bill they have crafted
Particular attention needs to be paid to Senate leadership and those Senators serving on the Senate Finance Committee.
After your call, please take a moment to email us with your feedback at builderlink@nahb.com. We want to hear what your Senators are saying.
Thank you for your help with this effort!
Please call your Senators now at 1-866-924-NAHB (6242) and tell them:
1. The Senate stimulus bill as currently crafted by the Finance Committee does not go far enough to maximize the home buyer tax credit
2. Extend the eligibility period to December 31, 2009
3. Increase the home buyer tax credit amount to $10,000
4. Allow the credit to be used at closing
5. Ask them to contact their Senate colleagues Max Baucus, Chairman of the Senate Finance Committee and Charles Grassley, Ranking Member on the Senate Finance Committee and ask them to include the above housing tax credit items in the bill they have crafted
Particular attention needs to be paid to Senate leadership and those Senators serving on the Senate Finance Committee.
After your call, please take a moment to email us with your feedback at builderlink@nahb.com. We want to hear what your Senators are saying.
Thank you for your help with this effort!