I have some important and good news to share with our readers!!

 We have been axniously awaiting news out of Congress on their action to re-start our saging economy.  The Senate approved last evening "The Isakson/Lieberman Home Buyer Tax Credit Amendment", as detailed below, was approveded by VOICE VOTE in the Senate.  Sen. Baucus (D-MT), Chairman of the Senate Finance Committee, and Sen. Chris Dodd (D-CT), Chairman of the Senate Banking Committee, both spoke on the floor in favor of the amendment.  The Senate plans to vote on the final version of their bill later this week, and the House and Senate will meet to conference their versions of the bills next week.

Senator Isakson’s/Senator Lieberman’s Home Purchase Tax Credit:

  • A tax credit in the amount of $15,000 or 10 percent of the purchase price (whichever is less), with the option to utilize all in one year or spread out over two years.
  • The tax credit is available to all purchases of any home from date of enactment for one full year.
  • Able to claim the credit against the 2008 tax return.
  • Buyers must occupy the homes for two years as their principle residences.
  • Purchases of homes by investors are ineligible.
  • Sunsets the previous $7,500 Housing Tax credit on the date of enactment.

The incentive bill is in the second of a five phase process, with the upcoming Senate vote, the third phase.  What this means to you?  Now, not only will you be able to take advantage of the lower market pricing, you will receive a tax benefit as well.  This same type of incentive was used in the 70's during a similar economic downturn with great success.  We will keep you posted.  For more information go to: http://www.bigbuilderonline.com/industry-news.asp?sectionID=0&articleID=865773