Focus on Extending Tax Credit Intensifies

By Pam Pinto * Broker • October 22nd, 2009

While no official legislative action took place on the tax credit during the preceding week, the buzz generated increased measurably. REALTORS® have generated almost 500,000 letters to congressional offices via the REALTOR® Action Center. NAR’s Call for Action to NAR members has achieved a higher response rate than any other previous Call for Action, underscoring the importance of the credit to REALTORS® and consumers alike. Several House members have introduced bills extending the credit in direct response to the communications from REALTORS®.

Senate Majority Leader Harry Reid (D-NV) continues to express his desire to move the extension at the first opportunity. As yet, however, there is not a clear procedural path to enactment, nor is there any agreement on how (or whether) the provision will be “paid for.” As yet, no revenue source for extending the credit has been identified. The “cost” is about $1 Billion for each month of extension.

 

Pam Pinto

Broker

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