Home Buyer Tax Credit Passes Senate 98-0!

Large group of successful people celebratingThe Senate voted today 98-0 to pass the HR 3548.  HR 3548 is a bill  that extends unemployment benefits for an additional 20 weeks and contains an amendment that extends the existing $8,000 First Time Buyer Tax Credit and adding a tax credit for Move Up buyers!
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Recording your documents will cost you more starting December 2009

Fees.  It’s an interesting word and manyGold key and money people don’t know just how many fees are involved in a real estate transaction.  Lender fees, title fees, inspection fees, notary fees, administrative fees, recording fees, if you’ve ever looked at a settlement sheet you’d be amazed at just how many there are.  Why so many?
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Extending the Home Buyer Tax Credit – So Close, Yet So Far Away

Here is the headline from the AP Story that ran yesterday “Senators agree to extend homebuyer tax credit”.  Look spretty good, doesn’t it?  Reading that, you would think we were in the clear, tax credits for everyone!   Well, I hate to close up moonrain on everyone’s parade, but we still have a long way to go. 

Think of this process like looking at the moon through a telescope, it’s there, you can see everyMoon in sky detail, you almost feel like you can reach out and touch it……. yet it is still thousands of miles away.

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Senate Voting today on amendment to extend the $8,000 First Time Buyer Tax Credit

8000 billAccording to a quick release from The National Association of Realtors today, the Senate is voting on an amendment to Extend Unemployment Insurance Benefits.  In this bill, there is an amendment titled “Dodd-Lieberman-Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit”.  
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Tax credit hoops? What hoops?

720485-msI saw an article posted on Rismedia the other day (http://rismedia.com/2009-10-15/8000-tax-credits-hoops-frustrate-house-hunters/) that was picked up from the Orlando Sentinel.  The reporter (Mary Shanklin) titled the article “$8,000 Tax Credit’s Hoops Frustrate House Hunters”.  She wrote a nice article about the challenges some people are facing in today’s market, concise and well written.  In reality, the challenges she outlined have nothing to do with the tax credit.    Let me give you the examples used, summarized from the article: 
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HOUSE VOTES 416 – 0 IN FAVOR OF EXTENDING FIRST TIME HOME BUYER TAX CREDIT FOR ARMED SERVICE MEMBERS

The House of representatives passed a bill 3590 on October 8, 2009 that:

“…. Amends the Internal Revenue Code to: (1) exempt members of the uniformed services, the Foreign Service, and employees of the intelligence community on official extended duty service from the recapture requirements of the first-time homebuyer tax credit; (2) extend the first-time homebuyer tax credit through November 30, 2010, for individuals serving on official extended duty service outside the United States for at least 90 days in 2009; (3) exclude from gross income payments to military personnel to compensate for declines in housing values due to a base closure or realignment; …..”

You can view the bill here in this link:

H.R. 3590: Service Members Home Ownership Tax Act of 2009

Short simple and to the point, eligible service members who served at least 90 days in 2009 have until the end of 2010 to claim the $8,000 First Time Home Buyer Tax Credit.  While the House voted OVERWHELMINGLY in favor of it the bill still must pass the Senate and be signed into law, let’s hope the politicians get it right this time, our Veterans deserve this and more!

I’d like you to be part of the conversation here, so please, comment, forward The Pulse of Lancaster to your friends, subscribe and as always, if you have questions, need real estate advice or want to buy or sell a home, you can call or text me at 717-371-0557, email me at Jason@JasonsHomes.com or contact me at the office at 717-490-8999!

Your Friend in Real Estate,
Jason Burkholder

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