New York's REALTORS applaud Senators Schumer and
Gillibrand for their leadership on homebuyer tax credit extension
Statement from
NYSAR President Daniel J. Hartnett
On behalf of the 56,000 members of the New York State Association of
REALTORS, today I express our sincere gratitude to Senator Charles E. Schumer
and Kirsten E. Gillibrand for their vision and leadership in addressing the
continued recovery of our housing industry and, ultimately, our economy.
Yesterday, Senators Schumer and Gillibrand voted to approve the extension
and expansion of the homebuyer tax credit that was included in a wide-ranging
piece of Senate legislation that extended unemployment benefits. Both
Senators have a long-history of supporting REALTOR issues, and none in recent
history has been more important than this tax credit. REALTORS know
that the tax credit is working to revitalize the housing market and position
it to once again lead our economic recovery.
The legislation extends the availability of the tax credit to purchases
before May 1, 2010. Prospective purchasers with binding contracts in place as
of April 30, 2010 will be allowed an additional 60 days to complete the
transaction. The credit will remain $8,000 for first-time buyers, while
repeat buyers who purchase between December 1, 2009 and May 1, 2010 will be
eligible for a credit of $6,500. Repeat buyers must have lived in their homes
consecutively for 5 of the previous 8 years. Income limits are expanded to
$125,000 on a single return and $225,000 on a joint return.
We are hopeful that the House will pass this legislation in the near
future and that President Obama will sign it into law.
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