$15000 Tax Credit for Homeowners?

Yesterday, the Senate passed an un-precedented Economic Stimulus package worth $838 Billion, more than the one suggested by the House at $819 Billion, in the hopes that Pres. Obama will sign it on President's Day next week. There's still scant Republican support for the bill and some of the items on it are questionable, in my mind and the minds of many others, (such as $1B for improving parks, which is nice but has nothing to do with stimulating the economy!) but it will provide a great opportunity for home buyers. A $15000 tax credit for people purchasing their primary residence is proposed.

According to the article linked above, "The bipartisan amendment to the stimulus package, offered by Sens. Johnny Isakson (R-Ga.) and Joe Lieberman (D-Conn.) and approved by unanimous voice vote, would create a $15,000 home buyer tax credit available to all purchasers of a principle residence for one year after its date of enactment. The tax credit would not have to be repaid and buyers could claim it against their 2008 and/or 2009 tax returns.

The $15,000 home buyer tax credit would replace and sunset a much narrower tax credit that was enacted last year. Available only to first-time home buyers, the current $7,500 tax credit works like an interest-free loan that must be repaid over a 15-year period. It is set to expire on July 1.

Extending and expanding the home buyer tax credit will spark the activity the economy needs to stop shedding jobs and begin creating them, said Robson."

While the First Time Buyer tax credit loan was a great idea, I really love the idea of offering ALL buyers a $15000 tax credit that does not need to be repaid! This will help reduce the overloaded inventory of homes available throughout the country, allow first time buyers a huge incentive to purchase a home at a great rate and help slow foreclosures and increase consumer confidence, which is certain to have a positive reaction in recovery from this tough economic time.

While this change affects me directly and that makes me happy, I still can see such a wonderful outcome for the country that I have to applaud it for it's own sake.

I met with Senator Allan Kittleman and our Howard County District 9 Delegates Warren Miller and Gail Bates on Wednesday night at the Dist. 9 Open House in Annapolis - along with a couple hundred other people I guess! However, in talking with Warren and with Gail, who are both Republicans, I can see that they are happy that legislation will be taking place that will help the recovery. They are all working hard to protect our interests in Howard County, and though I now live in Carroll County, I'm still proud of the jobs that they are doing. I spoke briefly with my current Senator, David Brinkley, who is wonderful and always willing to talk with his constituents. I spoke with Senator Larry Haines for Westminster, who is also a Realtor, so I see him regularly, but he does an excellent job also.

If you have the opportunity to meet with your elected officials, please do so. They love to hear what is going on in the community.