Industry NewsMarkets & Economy

NAR backs expansion of buyers’ tax credit

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Pushing for passage of a massive, $900 billion-plus stimulus bill, President Obama today said, "It is inexcusable and irresponsible for any of us to get bogged down in distraction, delay or politics as usual while millions of Americans are being put out of work. Now is the time for Congress to act." A $15,000 tax credit that was added as an amendment (by U.S. Sen. Johnny Isakson, R-Ga.) to the stimulus package Wednesday is popular with homebuilders, The Wall Street Journal reports, but adds about $35 billion to the cost of the stimulus plan. The Washington Post reports that a bipartisan group of about 20 moderate senators was "trying to hammer out a compromise that would attract more Republican support by cutting roughly $100 billion from the bill." Senate Majority Leader Harry M. Reid, D-Nev., has expressed optimism that a vote will be held today on the spending plan. The tax credit, as initially proposed, could be used only in the purchase of primary ...