Updates on the Stimulus Package and More Legislative Updates

Well, there may be some changes to what I blogged last time - here's what I just received from Mike Homberg, a Branch Manager at 1st Mariner Bank:

Here is what has passed and you can see (the) affect (on) our industry:

For qualified home purchases in 2009, the legislation:

Stipulates that the $8,000 tax credit does not have to be repaid, unlike the tax credit passed last summer;
Keeps the tax credit refundable, or claimable regardless of tax liability;
Extends the sunset date from July 1, 2009 until Dec. 1, 2009 so that consumers can utilize it during the critical summer and fall buying months;
Allows tax credit home buyers to participate in the mortgage revenue bond program; and
Permits state housing finance agencies to help buyers at closing by advancing the credit amount as a loan using tax-exempt bond proceeds. (If CDA adopts this, it could be a great opportunity for 1st time buyers because they will have the money upfront to spend.)

So, I don't know yet whether we get $8000 or $15000 for home buyers, but I do know that the National Home Builders Association was saying that it had to be $15000 and was working for that number. We'll wait and see as more changes come up.

I also heard from State Delegate Warren Miller today with a run down on what's happening in Annapolis. They started voting on bills this week, but as there are 1307 bills in the House and another 915 in the State Senate with more to come, they've got their work cut out for them this session. He had some good information about some "Bad Bills" coming up, one for selling garments with fur or other animal products and one for presumption of abandonment on gift certificates. Since it doesn't have to do with housing, I won't post it here, but feel free to write to me or to Del. Miller for more information.

From his email: "The Maryland General Assembly's website address is mlis.state.md.us You are welcome to review all bills that have been filed for this session and then let me know your opinion. I also encourage you to come to Annapolis and make your views heard. You can email me at warren.miller@house.state.md.us to find out more about the Legislative process."

It is our duty and privilege to learn more about our government and how it works. At a course yesterday on 2009 Legislative Updates it was pointed out by a classmate that "some looney" from down the road might really want something done and keeps bugging their legislator until to get rid of them, the legislator may introduce a bill suggesting their (the looney's) idea. (These are technical terms, folks!) If we don't pay attention to what's going on in our government and speak up, then not only might this crazy idea get passed, but it then reflects upon all of us and affects all of us.

I've been told that one call or email from us to our legislators is worth the thoughts of 500 people. So make your voice heard! Speak up for the things that are important to you!