Wednesday, February 4, 2009


Call to Action for Economic Stimulus Package

The current economic stimulus package
is working its way through the House and Senate. However, the bad news
is that neither of them are embracing the necessary enhancements of the
$7,500 home buyer tax credit that would actually help to boost the
housing market and economy. Thus, we need you to take action and
contact your Congressmen ASAP! Here is what is currently being passed
through Congress:

On January 28th the House of Representatives passed its version of
the economic stimulus bill - H.R. 1, the American Recovery and
Reinvestment Act of 2009 - by a vote of 244-188.  H.R. 1 eliminates the
repayment requirement on the $7,500 housing tax credit. Unfortunately,
the credit falls short in other areas.  It is only available until June
30, 2009, and the $7,500 amount has proven to be too small to entice
people to buy.  Further, the credit cannot be used at the closing
table, a key omission that would make the credit more attractive to a
home buyer.

On January 27th, the Senate Finance Committee passed its version of
tax stimulus. In addition to eliminating the repayment requirement,
this legislation moved a little farther than the House on the tax
credit by extending it until September 1, 2009.  Yet overall, the
Senate credit has the same shortcomings as the House credit.

So, what to do? We need you to voice your disappointment with the
stimulus bills. Call, email, fax, send a letter or use any other form
of communitcation to urge your local Congressmen to alter the bill with the necessary enhancements to the tax credit.


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