Thanks to the strength of your REALTOR® Association and with support of more than 3,000 Massachusetts REALTORS® who responded to our Call for Action, the First-Time Homebuyer Tax Credit has been expanded and extended! This new version of the tax credit is not just a first-time homebuyer tax credit, but a “Homebuyer Tax Credit”. Many more people will qualify for this credit, which means many more potential customers and transactions for you. At MAR we are committed to giving you the most up-to-date and easy to understand details about who may qualify for the new Homebuyer Tax Credit.
President Obama signed the Homebuyer Tax Credit into law on Friday, November 6, after overwhelming votes for it in Congress. The credit takes effect today! To be eligible, a purchase contract must be signed by April 30, 2010, and close on or before June 30, 2010. So there is a short window of opportunity, and all the information you need is right here. Please call Brian Doherty at (781) 839-5510 if you have any trouble accessing the link/information. An unprecedented 21.8% of Massachusetts REALTORS® participated in the Call for Action to “Expand and Extend” the tax credit, sending letters to our U.S. Senators and Representatives. This resounding response to the Call for Action helped pave the way to a 98-0 vote in the Senate and a 403-12 vote in the House to expand and extend the credit!
Additionally, NAR First Vice President, Ron Phipps, testified before the Senate Banking, Housing and Urban Affairs Committee on challenges to the real estate market. His testimony included a strong push to expand and extend the homebuyer tax credit. But that’s not all. We have a true REALTOR® friend in the Senate. Senator Johnny Isakson (R-GA) – a dues paying REALTOR® - also testified to the need to extend the tax credit in this same hearing. You can watch the hearing from the Committee website: http://banking.senate.gov/public/index.cfm?FuseAction=Hearings.LiveStream&Hearing_id=dc269554-093d-470a-a39e-d545f3f561ae.
If you didn’t receive the Call for Action, you can sign up at REALTOR Action Center to receive them in the future. Once again, thank you for your support for this crucial legislative victory, and for your commitment to being a REALTOR®.
Finally, this tax credit which 70% of American homeowners and millions of first-time homebuyers are eligible for, is just the latest example of the real “what’s in it for me” benefit of being part of the REALTOR® Association! Next time someone asks about REALTOR® Value, please remind them.
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