Not a day goes by that I’m not asked about the status of the housing industry. With signs of a fragile recovery and approaching 10 percent unemployment, allowing the $8,000 first-time home buyer tax credit to expire next month is the last thing our economy can afford.
Extending the current $8,000 tax credit for first-time home buyers through 2010 and expanding it to all buyers of a primary home, within eligible income limits, would increase new and existing home sales by 383,000 and housing starts by 82,000. It would also create more than 347,000 jobs, generating over $16 billion in wage income and $12 billion in business income--yielding $8 billion in federal taxes and $3 billion for state and local governments.
The credit that expires on November 30 has, according to the IRS, helped over 15,000 Mississippians buy homes. Congress can help housing take a lead role in putting America back to work by taking quick action on the tax credit needed by both home buyers and home builders.
Time is running out. Tell Congress to extend the $8,000 first-time home buyer tax credit: Call 1-866-924-6242 or visit www.capitolconnect.com/builderlink.
Marty Milstead
Executive Vice President
Home Builders Association of Mississippi
Letters
October 24, 2009
Don't let tax credit expire
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