Rehberg Fights For Critical Extension of the Homebuyer Tax Credit

October 21, 2009

by Montana RealEstateRama

Category: News || Laws & Taxes | 1 Comment

WASHINGTON, D.C. – October 21, 2009 – (RealEstateRama) — Montana’s Congressman, Denny Rehberg, today sent a letter to House leaders urging them to extend the home buyer tax credit. He has also cosponsored the Homebuyer Tax Credit Act of 2009.

“While there are a great number of things we can to spur economic recovery, few can match the impact of a strong housing market,” said Rehberg, a member of the House Appropriations Committee. “The benefits of the homebuyer tax credit can be seen throughout Montana and the country. If we want true economic recovery, let’s extend what works and eliminate what doesn’t.”

According to recent analysis, one out of three homebuyers have taken advantage of the $8,000 homebuyer tax credit in the last several months, helping fuel a steady gain in homebuilder and realtor sentiment since January. However, the pending November 30 deadline for the credit has already caused a builder slowdown for projects that could not be completed in time to be eligible.

“Over the last 3 months, 100% of my contracts have been for first time home buyers using the tax credit,” said Chip Pigman, Homebuilder from Hamilton. “Congressman Rehberg’s effort to expand this tax credit will make a huge difference in our community and will help me keep my crew employed.”

The Homebuyer Tax Credit Act would extend the credit for a year. In addition, it would increase the credit to 10% of the purchase price of a principal residence, up to $15,000 while making it available to all home buyers.

“We are ecstatic that Congressman Rehberg is leading the way – not only to continue, but to expand the tax credit,” said Dustin Stewart, Executive Director Montana Building Industry Association. “If nothing else, his leadership has given Montana small business owners the optimism to keep fighting through the recession. This will make a real difference in the lives of many Montanans The first time home buyer tax credit has been the saving grace for dozens and dozens of Montana builders.”

“The $8,000 first-time homebuyer tax credit has helped many communities in Montana avoid what would otherwise be a significant downturn in the housing sector of our local economies,” said Glenn Oppel, Government Affairs Director for the Montana Association of Realtors. “The tax credit is providing much needed economic stimulus, and the added benefit of community stability, that comes with increased homeownership.”