Statement from NYSAR President Daniel J. Hartnett
On behalf of the 56,000 members of the New York State Association of REALTORS, today I express our sincere gratitude to Senator Charles E. Schumer and Kirsten E. Gillibrand for their vision and leadership in addressing the continued recovery of our housing industry and, ultimately, our economy.
Yesterday, Senators Schumer and Gillibrand voted to approve the extension and expansion of the homebuyer tax credit that was included in a wide-ranging piece of Senate legislation that extended unemployment benefits. Both Senators have a long-history of supporting REALTOR issues, and none in recent history has been more important than this tax credit. REALTORS know that the tax credit is working to revitalize the housing market and position it to once again lead our economic recovery.
The legislation extends the availability of the tax credit to purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction. The credit will remain $8,000 for first-time buyers, while repeat buyers who purchase between December 1, 2009 and May 1, 2010 will be eligible for a credit of $6,500. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
We are hopeful that the House will pass this legislation in the near future and that President Obama will sign it into law.
This information was provided courtesy of NYSAR.
