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Tax Credit Extension Update
New York's REALTORS applaud members of the NY House delegation for their leadership on homebuyer tax credit extension
Statement from NYSAR President Daniel J. Hartnett
On behalf of the 56,000 members of the New York State Association of REALTORS, today I express our sincere gratitude to the 28 US House of Representatives members from New York for their vision and leadership in addressing the continued recovery of our housing industry and, ultimately, our economy.
Yesterday, New York's 28 representatives voted to approve the extension and expansion of the homebuyer tax credit that was included in a wide-ranging piece of House legislation that extended unemployment benefits. Our Congressional Delegation has a long-history of supporting REALTOR issues, and none in recent history has been more important than this tax credit. REALTORS know that the tax credit is working to revitalize the housing market and position it to once again lead our economic recovery.
The legislation extends the availability of the tax credit to purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction. The credit will remain $8,000 for first-time buyers, while repeat buyers who purchase between December 1, 2009 and May 1, 2010 will be eligible for a credit of $6,500. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
We are hopeful that President Obama will sign it into law in the coming days.
I would encourage you to take a few moments to express your personal gratitude to your member of Congress visiting their official website using the links below.
