Major Victory for Home Buyer Tax Credit and NOLs
November 05, 2009
To: PRx Members and Executive Officers
From: NAHB Public Affairs
Date: November 5, 2009
Subject: Major Victory for Home Buyer Tax Credit and NOLs
In a major victory for NAHB that will boost the fledgling housing recovery and help struggling business owners nationwide, including Fort Wayne. Congress today approved legislation that will extend the first-time home buyer tax credit beyond its Nov. 30 deadline and expand it to a wider group of home buyers. The bill also provides relief to cash-strapped home builders by providing broader tax benefits for businesses with net operating losses (NOLs).
Read a memo from NAHB Chairman Joe Robson to the federation about this legislation and NAHB's role in getting it passed here.
The legislation, which will be signed into law shortly by President Obama, will:
- Extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30.
- Expand to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence.
- Increase income eligibility limits to claim the full credit amount to $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return.
NAHB's consumer-oriented Web site, www.federalhousingtaxcredit.com, is being updated right now, and will provide complete details on the enhanced home buyer tax credit after the bill is signed into law by the President.
NAHB will launch a set of resources to help you understand and promote the new tax credit over the next couple of days. Check www.nahb.org/taxcreditresources early next week.
If you have questions about the tax credit resources, please contact NAHB Public Affairs or call 800-368-5242, ext. 8447.
$8,000 credit for first-time home buyers, $6,500 credit for owners of existing homes.
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