Urges Congress to expand and extend tax credit for all
WASHINGTON, DC – October 8, 2009 – (RealEstateRama) — Congressman Connie Mack (FL-14) praised unanimous passage of legislation in the House of Representatives today that will extend the $8,000 first-time homebuyer tax credit for one year for qualifying U.S. servicemen and women.
“The first-time homebuyer tax credit has been incredibly successful in recharging home sales. Over 1.4 million homebuyers have claimed the credit. But the tax credit is set to expire in only a few weeks. While this legislation will help thousands more servicemen and women take advantage of the tax credit’s benefits, we need to extend it for a longer period so even more Americans can reap the rewards of home ownership.
“Lower taxes and greater free market solutions, not more government spending and regulation, will get our economy moving again. Southwest Florida, and indeed the entire nation, have greatly benefited from the homebuyer tax credit. Now is the time for Congress to act on extending and expanding this credit so that even more Americans can benefit.
“Our housing market is steadily on the rise, and that’s why we should extend the homebuyer tax credit for all first-time homebuyers so we can continue to stimulate our economic recovery.”
Mack is also a cosponsor of H.R. 1245, the Homebuyer Tax Credit Act, which extends and expands the homebuyer tax credit for all Americans purchasing a primary residence. The legislation replaces the current tax credit (which expires November 30) with a one-time credit for 10 percent of the purchase price of a principal residence, up to $15,000.