$15,000 Tax Credit Proposed by Senate!

Several economists have said that the condition of the housing industry is a major factor in leading the way to providing more jobs and improving the economy. While I'm not a trained economist and I don't have a crystal ball, after 33 years in the real estate business, it certainly makes logical sense to me!

Why? When people are buying homes, it's not only the Realtors® who are earning a living, -- jobs are created for builders, subcontractors, plumbers, electricians, carpenters, roofers, appraisers, inspectors, loan officers, and many other trades and professions.

As these professions and trades are earning a living, then they'll be spending money in numerous other areas that also create new jobs, - the retail industry, automotive industry, food chains, medical professions, etc.

The US Senate unanimously passed a bipartisan amendment last night, (offered by two senators --one Republican and one Democrat) to the Economic Stimulus Bill, creating a $15,000 tax credit to individuals who purchase a home in the next year.

While the final details are still being debated, the key parts are:

• The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less.
  
• The bill applies to ANYONE purchasing a home within the next year.
  
• Must be principal residence.
  
• Purchases must be made within one year of the legislation’s enactment.
  
• Tax credit would NOT need to be repaid, unless the home is sold within 2 years of purchase.
  
• The amendment would sunset the current $7,500 housing tax credit on the date of enactment.

I encourage you to voice support for this amendment, by contacting your Senators and Congressmen: Click on the following link, enter your zip code and your US Senators and Representative names will appear:

http://www.congress.org/congressorg/home/

While there could be several revisions before (or if) this bill passes the House and is signed by the President, it could certainly be a bright spot for the real estate undustry and the economy!

Dianne Dunn

Keller Williams Realty

www.NewBernHomes.com

www.SearchNewBernHomes.com