Archive for the 'Legislative Issues' Category
Economic Stimulus Plan Benefits the Housing and Mortgage Industries
Just signed and sealed this past week…a $787 Billion Stimulus Plan made up of tax cuts and spending programs aims at reviving the US economy. Although the package was scaled down from nearly $1 Trillion, it still stands as the largest anti-recession effort since World War II.
Home owners and potential homebuyers stand to gain from […]
Senate Approves up to $15,000 Credit for Home Buyers
The Senate voted Wednesday night to give a tax break of up to %15,000 to homebuyers in hopes of revitalizing the housing industry. This is a big boost from the latest addition to the mammoth stimulus bill working its way through Congress.
The proposal would allow a tax credit for home buyers of 10 percent of […]
Home Buyer Tax Credit: How It Works
I previously wrote about the First Time Homebuyer Tax Credit, but this subject is worth repeating.
First-time homebuyers in 2008 can take an income-tax credit on their purchase, thanks to passage in Congress earlier this year of the first-time home buyer tax credit.
The definition of first-time homebuyer is generous. To get the credit, the homebuyer cannot […]
NAR Approves of Obama’s HUD Nominee
President-Elect Barack Obama has picked Shaun Donovan to lead the U.S. Department of Housing and Urban Development, a decision that the NATIONAL ASSOCIATION OF REALTORS® applauds.
Donovan is currently commissioner of New York City’s Department of Housing Preservation and Development. In that role, Donovan has been widely recognized for his efforts to provide reasonably priced […]
Review of the Veterans Benefits Improvement Act of 2008
Last month 2008 President Bush signed into law S. 3023, the Veterans Benefits Improvement Act of 2008. In light of the current housing crisis and the overall rough economic times headed our way, this new law will accomplish many amazing things for our Nation’s veterans and active military and thus help our overall economy.
Veterans Benefits […]
New Rescue Plan Extends Expired Tax Breaks
President Bush signed the Emergency Economic Stabilization Act of 2008 into law on October 3, hoping this plan would bring stability to the financial markets. The new legislation includes a wide range of provisions affecting financial institutions and individuals. For instance, it authorizes the government to spend $700 billion for troubled financial assets, curbs excessive […]
NAR Summary of Key Provisions of H.R. 3221 - The Housing Stimulus Bill
I recently wrote about the Modification of Section 121 of the IRS Code as part of the The Housing and Economic Recovery Act of 2008. Here is the summary of the act published by the National Association of Realtors on 8/22/2008.
H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by […]
Modification of Section 121 of the IRS Code
The Housing and Economic Recovery Act of 2008 that was recently passed included many positive things for buyers and sellers of real estate. One of the downsides to this act is the amendment of Section 121 of the Internal Revenue Code which generally allows homeowners to sell real property owned and lived in as their […]
