If you support the extension of the $8,000 first time homeowner’s tax credit you need to contact your state senators this week to express your opinion. South Carolina’s two senators are:
Senator Graham: 202-224-5972
Senator Demint: 202-224-6121
Ask your Senator to support the Dodd/Lieberman/Isakson amendment by extending the $8,000 first time homebuyer tax credit.
The Dodd/Lieberman/Isakson amendment would:
1. Extend the tax credit to June 30, 2010.
2. Expand the credit by removing the first time homebuyer requirement.
3. Raise the income limits to $150,000 ($300,000 for joint returns).
4. For purchases made in 2010, taxpayers are able to claim the credit on their 2009 income tax return.
5. Maintains that homebuyers do not have to repay the credit, provided the home remains their main residence for 36 months after the purchase date.
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 housing market remains fragile.
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.
3. The tax credit has been effective.
4. NAR research suggests that as many as 355,000 sales this year can be directly attributed to the availability of the credit.
5. One prominent economist attributes 400,000 sales to the availability of the credit.
6. The tax credit stimulated market activity.
7. The volume of housing sales has improved steadily every month since the credit was enacted.
8. The credit pulled people from the sidelines and created some momentum that had been absent.
9. Home sales continue to stimulate economic activity.
10. The economy will never fully recover until housing markets fully recover. Thus, the stimulus the credit provides is still needed. NAR estimates that every sale generates approximately $60,000 of additional economic activity.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions. To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/
"Carolina Joe" Idleman