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News and Events
CONGRESS EXTENDS HOUSING TAX CREDITIn a major victory that will boost the fledgling housing recovery and help struggling business owners nationwide, Congress today approved legislation that will extend the first-time home buyer tax credit beyond its Nov. 30 deadline and expand it to a wider group of home buyers. The bill also provides relief to cash-strapped home builders by providing broader tax benefits for businesses with net operating losses (NOLs). The legislation, which will be signed into law shortly by President Obama, will extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30. Further, it has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence. An existing home owner can claim the $6,500 tax credit if they have been residing in their principal residence for five consecutive years out of the last eight. In more good news, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised from $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return to $125,000 for individuals and $225,000 for married couples. “This is terrific news for all who own and operate businesses in Wisconsin related to the housing industry. It is simple, housing equals jobs. It is encouraging that Congress heard the voice of our members and recognize the crucial role our industry plays in moving the economy forward” said Doug Scott, President of the Wisconsin Home Builders Association. “Consumers should be sure to take advantage of these incentives over the next few months, because this credit will not be extended again, and there will never be a better environment of prices and interest rates than right now” said Scott.
