WASHINGTON, DC – October 13, 2009 – (RealEstateRama) — Congressman Leonard Lance (NJ-07) today announced that he has introduced legislation to extend and expand the federal homebuyer tax deduction.
Specifically, Lance’s Homebuyer Tax Credit Fairness Act, H.R. 2779, would extend and expand the popular home buyer tax credit from $8,000 to $15,000 through Dec. 1, 2010, and open it to all people buying a primary residence — regardless of income.
“This important legislation will stabilize the housing market, create jobs and help countless families achieve home ownership,” said Lance. “For New Jersey families who face some of the highest taxes burdens in the country, this important bill will help offset skyrocketing property taxes and make buying a home in our state more affordable than it is right now.”
Lance said his bill is fiscally responsible because it calls for the use of unspent federal stimulus funding to cover the costs of the legislation.
According to the National Association of Home Builders, extending and expanding the tax credit could boost home sales by at least 400,000 next year while mitigating the foreclosure crisis by reducing inventory at all levels of the housing market.
It’s estimated that Lance’s legislation would create nearly 350,000 jobs over the coming year.
“We know the 2008 home buyer tax credit spurred home sales and played an important role in the recovery of our nation’s housing markets,” said Lance. “Expanding and extending the homebuyer tax credit will not only help make buying a home more affordable, but it will help create jobs and that’s exactly what our economy needs right now.”
