Letter Received from Senator Murkowski
Dear Eric:
Thank you for contacting me regarding first-time home buyer tax credits. I appreciate hearing from you and having the opportunity to respond.
I strongly supported the successful effort to extend this tax credit. The extension became law on November 6, 2009. Qualifying first-time home buyers are now eligible for a tax credit of up to $8,000 through April 30, 2010. The new law also provides an additional 60 days for home buyers to close the sale and take advantage of the tax credit. Under this new law, home buyers are eligible for tax credits if they have not owned a home for three years before the purchase of a new home. Additionally, the law allows existing home owners to qualify for a new tax credit of up to $6,500 if they have lived in their current residence for five years or more and purchase a home by the end of April 2010.
I believe that if we are serious about getting our economy back on track, we must work to stabilize the housing market. The decline in housing prices has put downward pressure on household balance sheets as many families' greatest asset declines in value. Though I did not vote for the economic stimulus bill that was signed into law in February 2009, I supported the inclusion of the $8,000 home buyer tax credit in that legislation. The tax credit has benefited more than 1.4 million home buyers since its inception in February 2009, and I am pleased that Congress decided to extend the program as it is contributing to the recovery of the housing market and the overall economy.
Again, thank you for contacting me.
United States Senator
http://murkowski.senate.gov
