The current economic stimulus package is working its way through the House and Senate. However, the bad news is that neither of them are embracing the necessary enhancements of the $7,500 home buyer tax credit that would actually help to boost the housing market and economy. Thus, we need you to take action and contact your Congressmen ASAP! Here is what is currently being passed through Congress:
On January 28th the House of Representatives passed its version of the economic stimulus bill – H.R. 1, the American Recovery and Reinvestment Act of 2009 – by a vote of 244-188. H.R. 1 eliminates the repayment requirement on the $7,500 housing tax credit. Unfortunately, the credit falls short in other areas. It is only available until June 30, 2009, and the $7,500 amount has proven to be too small to entice people to buy. Further, the credit cannot be used at the closing table, a key omission that would make the credit more attractive to a home buyer.
On January 27th, the Senate Finance Committee passed its version of tax stimulus. In addition to eliminating the repayment requirement, this legislation moved a little farther than the House on the tax credit by extending it until September 1, 2009. Yet overall, the Senate credit has the same shortcomings as the House credit.
So, what to do? We need you to voice your disappointment with the stimulus bills. Call, email, fax, send a letter or use any other form of communitcation to urge your local Congressmen to alter the bill with the necessary enhancements to the tax credit.