Congressman Paul Introduces Homeowner Tax Credit Extension and Expansion Act
Posted on | June 3, 2010 | 1 Comment
| I was pleased to hear the following today:
For Immediate Release: May 25, 2010 |
||
| Paul Introduces Homeowner Tax Credit Extension and Expansion Act | ||
| Washington, D.C. – Congressman Ron Paul (TX-14) today introduced legislation to permanently extend the first-time home buyer tax credit and to make the credit available to people whose homes have been destroyed by a natural disaster, such as a hurricane.
The legislation also makes a number of changes to existing tax credits in order to enhance their usefulness to victims of natural disasters. Specifically, this bill makes casualty loss deductions available to taxpayers who do not itemize, and makes it available to them for five years after the disaster. This legislation also helps people who have lost their jobs because of a natural disaster by making unemployment payments provided under the Disaster Relief and Emergency Assistance Act tax free. Renewing the first-time home buyer’s credit will help Americans purchase a first home with their own money, instead of having to rely on government-funded or backed programs. The other sections of this legislation were inspired by conversations Congressman Paul and his staff had with constituents who had to purchase new homes because Hurricane Ike destroyed their prior homes. The first-time homebuyer’s tax credit could be of tremendous value to these people, yet the law denies them the credit because they are replacing destroyed homes. “It is hard to think of a more beneficial or compassionate expansion of the first-time homebuyer tax credit than to make the credit available to those whose homes have been destroyed or damaged by natural disasters,” stated Congressman Paul. “In addition, the changes to the casualty loss provision will help more taxpayers affected by natural disasters. Providing tax relief to first-time homebuyers and to those affected by natural disasters should be one of Congress’ top priorities.” This program benefited many buyers, sellers as well as the local economy. Plus it wisely takes the opportunity to make the credit available to people whose homes have been destroyed by a natural disaster, such as a hurricane. This is a proactive position as we enter hurricane season and try to deal with the devastation of the ongoing oil spill. |
Tags: buyer buyers > Extension > home > legislation > may Congress > Paul > Ron > Tax Credit > tax homeowner > Washington
Comments
One Response to “Congressman Paul Introduces Homeowner Tax Credit Extension and Expansion Act”
Leave a Reply
June 3rd, 2010 @ 5:32 pm
This recently terminated program had a direct benefit to both buyers and sellers here on Mount Desert Island as well as the many surrounding in towns.
In the waning days of the former Federal Tax Credit Program, ending April 30, many of my colleagues in Downeast Maine saw an increase in the number of agent showings that in some cases resulted in multiple offers and the ultimate sale of the properties.
Yet not all buyers were able to contract a property before the program ended on April 30. So, there are still buyers standing by hoping that this Federal Tax Credit is extended. If so it will allow buyers to go forth into a new home with the benefit of the tax credit.
This program is financially meaningful to sellers as well because without the credit a buyer may not make the offer to purchase a home.
There is also peripheral impact to the local economy for any time a property is sold it results in an uptick in activity in the many trades that serve the housing industry, i.e. carpenters, electrician, plumbers, painters, flooring/tile, hardware items and landscaping.
These incomes are a direct result of the program Congressman Paul wants to extend and broaden. It directly helps provide food, shelter, clothing and education for the trades’ people’s families in the area surrounding these homes with new owners.
In short, it a great program that is needed. It pays huge dividends to local communities across our nation. Call your representative in Congress today and ask them to support Congressman Paul’s proposal.