Tell Congress to Extend and Expand the Homebuyer Tax Credit
ByWe have been seeing encouraging signs that the housing market and the U.S. economy are beginning to stabilize, but it’s far too early to celebrate. Locally I have been told that 60 percent of today’s home sales are to first time home buyers as a direct result of the $8,000 tax credit. Unfortunately that credit expires November 30th leaving the housing market with an uncertain outlook.
Unemployment is expected to continue rising. The best forecast economists have to offer is that the economy will stop contracting; but it will be a long, slow crawl back to health following the most devastating recession since World War II.
Housing is the best opportunity for putting this country back to work. We urge Congress to extend today’s $8,000 tax credit for first-time home buyers for another year and making it available to all buyers.
Home construction is a powerful economic engine. Already the 2,455 permits issued in the nine-county Central Indiana area have created $421 million in local revenue, $40 million in local taxes and 6,432 jobs.
One of the best things that Congress can do to restore a full-fledged recovery is to work to restore the health of the housing industry.
For more information and to join the coalition of housing industry professionals calling for a renewal of the tax credit, go online to www.FixHousingFirst.com.
Dan Wolf, Bedrock Builders
2009 President, Builders Association of Greater Indianapolis
1 Comments
October 23rd, 2009 at 7:09 pm
Now for some truth about the “New Home Buyers Credit”. Don’t be lured into buying a home thinking the US Government will be sending money soon. The IRS says they received our application and amended return on the 13th of July and that it would be 12 to 16 weeks before we would see any money. They also stated in following conversations that that it was submitted for possible examination on the 28th of September and they had 30 days to decide to examine my taxes (A possible audit) or move on. In subsequent converstions with the IRS I was told that once it moved on I would have no one that I might contact as to it’s status. Now I am hearing that it was actually sent to examination as soon as it was received on the 13th. and that someone had misinformed me as to the time for their decision and that it is actually 45 day. If the house needs anything done to it or you would like to get anything for it make sure you have money for it in the bank. The 16 weeks after teir receipt of our forms will end on the 2nd of October and I really don’t expect to see a check then. Good luck with your’s