ANNAPOLIS —
U.S. Senator Benjamin L. Cardin (D-MD) today participated in a ribbon-cutting ceremony for the new Maryland Association of REALTORS headquarters. The Senator is a strong supporter of the housing industry and recently introduced legislation to extend the $8,000 first-time homebuyers tax credit for another six months, until June 1, 2010.
U.S. Senator Benjamin L. Cardin (D-MD) today participated in a ribbon-cutting ceremony for the new Maryland Association of REALTORS headquarters. The Senator is a strong supporter of the housing industry and recently introduced legislation to extend the $8,000 first-time homebuyers tax credit for another six months, until June 1, 2010.
“The collapse of the housing market was one of the major contributing factors that led to this economic downturn and recession, and its resurgence will be one of the factors that will help pull us out,” said
Senator Cardin. “Our economy is beginning to show early signs of recovery, and I am proud that the current tax credit has had a strong, positive effect.”
Senator Cardin. “Our economy is beginning to show early signs of recovery, and I am proud that the current tax credit has had a strong, positive effect.”
According to the National Association of REALTORS, the tax credit has injected approximately $22 billion into local, state and national economies, causing a ripple effect that translates into jobs.
“We are excited about our new ‘home,’ which we know is a sound investment, and having Senator Cardin help us mark the occasion. Senator Cardin has always recognized the importance of the housing market to our economy, and we applaud his bill to extend the first-time homebuyer tax credit,” said
Steve Meszaros, President of the Maryland Association of REALTORS.
Steve Meszaros, President of the Maryland Association of REALTORS.
This year, as many as 40 percent of all homebuyers will qualify for the homebuyers tax credit. According to the most recent Internal Revenue Service (IRS) data, more than 1.4 million Americans have already claimed the credit, with an additional 350,000 people expected to take advantage of the program in the near future.
This credit is fully refundable, which means if you do not owe taxes you will still get the full tax credit from the IRS. To qualify, you cannot have owned a home for three consecutive years prior to purchase and your income must be within certain eligibility limits – up to $150,000 for couples and up to $75,000 for individuals. The amount of the credit equals 10 percent of the price of the home up to $8,000.
