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article imageSenators seek six-month home buyer tax credit extenision Special

By Jay David Murphy     Sep 17, 2009 in Politics
Senator Reid and Senator Ensign of Nevada co-sponsor a bill to extend the $8,000 first-time home buyer tax credit. The bill was also sponsored by Senator Ben Cardin.
Nevada Senators Harry Reid and John Ensign cosponsored a bill with Senator Ben Cardin that will extend the existing home buyer tax credit of $8,000 for six more months. The bill proposes to continue the rule that allows taxpayers to treat the home purchase as occurring in the preceding year to expedite receipt of the credit.
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
The definition of a first-time home buyer is a person who is purchasing any kind of home “new or resale.” They are a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse.
These people are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. The new bill will extend that six more months.
For Las Vegas this is good news. Even though record sales have been recorded this summer, the majority of purchases have come from investors who are turning them into rentals. There are still 25,000 homes that have not been released back into the market from bank repossessions.
In email statements received by Digital Journalist Jay David Murphy, both Senator Reid and Senator Ensign feel strongly that this additional time will help advance economic recovery in the State of Nevada.
“Yesterday we learned that new home sales have increased in Las Vegas, and that’s good news. I hope this credit will build on that so more Nevadans can realize the American dream of home ownership,” Reid said. “I’m pleased to join Senator Ensign in supporting a bill that offers relief to Nevadans as we continue the work of rebuilding Nevada’s economy. While extending the credit is an important tool to help stabilize the housing market, I will also continue efforts to help Nevada homeowners avoid foreclosure and keep them in their homes."
Senator Ensign added on what Senator Reid said, “Nevada’s housing market has been one of the hardest hit over the run of this recession and is still struggling,” said Senator Ensign. “It is not only hurting families and homeowners but also risks dragging down our economy further. This bipartisan plan is a proven model that incentivizes potential buyers while targeting the serious problem of excess inventory in the housing sector, and I urge the Senate to extend this tax cut.”
More about Senator harry reid, John ensign, First time, Home buyer, Tax credit
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