NAR: Keep tax credit through 2010
Isakson reportedly not on board for another reprieve
By Inman News, Monday, February 22, 2010.The National Association of Realtors is reportedly lobbying lawmakers to extend the homebuyer tax credit through the end of 2010, but Sen. Johnny Isakson -- the former real estate broker who championed the industry's cause last year -- is apparently not on board.
Linda Goold, NAR's director of tax policy, told Realtors attending the group's annual convention in November that last fall's extension of the tax credit was a "nip and tuck" affair, with lawmakers making "us promise, practically in blood, that we would not come back" and request another extension (see story).
According to NAR's Web site, the group believes the credit "should be extended through 2010," although Senate Finance Committee Chairman Max Baucus "has taken a very vocal and strong position that (it) will not be extended again and that it will expire on April 30, 2010, as presently scheduled."
Some analysts have questioned how much bang for the buck the homebuyer tax credit provides, since many who claim it would presumably have purchased a home anyway.
A spokesman for Isakson, R-Ga., tells the Wall Street Journal's Nick Timiraos that Isakson has no plans to introduce legislation extending the credit.
Part of the benefit of the tax credit is the urgency of its impending expiration, Isakson spokeswoman Sheridan Watson told Timiraos.
Goold and Watson did not respond to requests for comment.
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Submitted by ellen panegasser on February 22, 2010 - 4:32pm.
I think the April 30th deadline can be kept as is, but I do believe that extending the date to close will be what decides how successfull this program "was".
With many SS properties available, the April 30th deadline to be under contract is still doable, BUT to close by June 30th on such a property is cause for concern. A contract date of 4/30 and need to close by June 30???? Rule of thumb is that it can take up to 6 mos!
I know of people who have borrowed $$ for a purchase on a SS and are counting on the tax credit to pay back family/friends. Should the close be after 6/30, they'll really be in a pickle.