Housing Tax Credit

[kpierce]

Urge Congress to Preserve the Housing Tax Credit
Today, the Senate passed H.R. 1, the American Recovery and Reinvestment Act of 2009; its version of the economic stimulus plan by a vote of 61-37. Now, select members of the House and Senate will convene in conference to work out their differences with this legislation. The conference negotiators then will produce a final bill that will go back to the House and Senate. Both Chambers will have to pass this bill before President Obama can sign it into law.
The $15,000 home buyer tax credit in the Senate version of the bill is in danger of being reduced in conference. We need your help to ensure this does not happen.
Please call your Representative and Senators at 1-866-924-NAHB (6242) or email them at www.capitolconnect.com/builderlink (for instructions click here), and tell them to insist that conference negotiators maintain the $15,000 housing tax credit in the final economic stimulus plan.
The following are members of the conference committee:
Sen. Reid (D-NV)
Sen. Baucus (D-MT)
Sen. Grassley (R-IA)
Sen. Cochran (R-MS)
Rep. Obey (D-WI)
Rep. Rangel (D-NY)
Rep. Waxman (D-CA)
Rep. Lewis (D-CA)
Rep. Camp (D-MI)
Speaker Pelosi will also be involved in conference negotiations.
If your Representative or Senator is a member of the conference committee, your call or email is critical.
Please reference this press release with your members of Congress reporting that two-thirds of Americans support the housing tax credit now being considered by Congress.
Questions? Feedback? Please email builderlink@nahb.com.
Thank you for your help with this effort!

[David A. Andersen]

Thanks for the Info Kevin.

[kpierce]

Well, we didn't get the $15,000 but here's what we did get:

"Key pieces (there are others, but theses two have been the most in flux recently):

Home Buyer Tax Credit - $8,000 refundable, true tax credit (no repayment) for first-time home buyers who purchase a principle residence between January 1 and December 1, 2009. Credit can be used in conjunction with mortgage revenue bond-financed mortgages issued by housing finance agencies.

Net Operating Loss Carryback – 5-year carryback for losses incurred in 2008 for businesses with gross receipts of less than $15 million (computed as an average of tax years 05, 06 and 07)."

[David A. Andersen]

I received an e-mail response from all of my representatives.
good link.