BrokerageIndustry News

NAR: Tax credit was ‘nip and tuck’ battle

Lobbyists detail federal issues at forefront

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SAN DIEGO -- Securing an extension and expansion of the homebuyer tax credit was a dicey proposition -- and a feat not likely to be repeated, a top lobbyist with the National Association of Realtors told members at their annual meeting in San Diego."You have no idea how nip and tuck it was on the credit," Linda Goold, NAR's director of tax policy, told Realtors packed into a meeting room at the Grand Hyatt Hotel. "There were days when we could not imagine how it would happen."The extended tax credit, equal to 10 percent of a home's purchase price, remains capped at $8,000 for first-time homebuyers, though income limits were raised (see Inman News story). Congress also expanded the program to allow homeowners who have been in a principal residence for at least five of the last eight years to claim a tax credit of up to $6,500 if they sell that home and buy another. President Obama signed the bill Nov. 6.NAR staffers also briefed Realtors on the status of forthcoming ...