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RJ Chopin is a private equities strategist with over 12 years of trading and investing experience. He developed “Advanced Trading Concepts,” a propriety step-by-step trading system for private traders and investors. A relentless advocate for investor responsibility, RJ advocates researching... More
  • New Legislation: $15,000 Tax Credit For Home Buyers 1 comment
    Jun 13, 2009 01:00 AM | about stocks: HOV, TOL, DHI, BZH

    June 10, 2009

     
    Senator Johnny Isakson's new $15,000 tax credit for homebuyers bill is gaining momentum among a bipartisan group of senators. Senators Lamar Alexander, R-Tenn., Jim Bunning, R-Ky., Saxby Chambliss, R-Ga., Chris Dodd, D-Conn., John Ensign, R-Nev., Joe Lieberman, ID-Conn., Lisa Murkowski, R-Alaska, James Risch, R-Idaho, and David Vitter, R-La. are co-sponsoring the bill.
     
    The bill seeks 5 principal enhancements for homebuyers:
     
    1. Increase the maximum amount of the tax credit from $8,000 to $15,000.
     
    2. Benefits all buyers of any home, not just first-time buyers.
     
    3. Eliminates the income caps of $75,000 for an individual and $150,000 for a couple
     
    4. Extends the tax credit for one year from date of enactment.
     
    5. Allows homebuyers to claim the credit on their 2009 tax return for purchases made in 2010.
     
    With Dodd and Liberman among the co-sponsors, and a growing bipartisan coalition, this bill could be fast-tracked into law within weeks. 
     
    The homebuilding sector could rally hard when Obama mentions support for this legislation.
     
    Long: HOV BZH XHB DHI
    Themes: XHB Stocks: HOV, TOL, DHI, BZH
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This post has 1 comment:

  •  
    this bill must be pushed through sooner then later . the market is flat and extending this to all buyers will help stimulate the housing market . right now people are on the fence waiting to hear if this is going through or not , there for, freezing the market even longer . the problems we have now started with the housing bust, and the recovery will start with housing improving.
    2009 Aug 02 10:39 AM Reply
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