Wednesday, February 11, 2009

Stimulus Package Getting Closer

The stimulus bill has made it out of the senate and is in the house. Hopefully it will be on President Obama's desk to sign on President's Day. The real estate conncection is mostly the increase in the $15,000 tax credit that would go into effect once the bill is signed. This could be great news for people under contract now. “The enhanced $15,000 tax credit offers a powerful incentive for home buyers to get off the sidelines and represents the best opportunity for economic recovery,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.

Even better, the tax credit would b e available to all buyers of their principle residence and won't have to be repaid. NAHB estimates that the $15,000 tax credit would boost home sales by almost 500,000, create more than 255,000 jobs, generate $12.3 billion in wages and salaries and increase federal, state and local tax revenue by $8.7 billion.

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