Tax Credits Benefit Millions of U.S. Buyers/Workers
On Wednesday the US Senate approved a bill to extend and expand the home buyer tax credit by a count of 98-0. Today the House of Representatives approved the same measures by a vote of 403-12. The new law is to provide tax credits until the middle of 2010.
I must admit that this takes some of the pressure off of 1st time home buyers. There has been an absolute flurry of activity to hurry to try to close on a new home before the November deadline. These anxious buyers can now at least take a breath.
The credits are powerful tools for buyers and sellers, but that's not all. Buyers and sellers notwithstanding, millions of Americans will be directly affected by the law. To name a few - Builders, Realtors, home inspectors, general contractors, roofers, termite companies, HVAC companies/inspectors, foundation specialists, brick layers, credit unions, closing attorneys, title agents, painters, flooring companies, drywall installers, hardy-plank makers/installers, deck builders, window companies, pressure washers, landscapers, ditch diggers, mtg. lenders, insurance agents, surveyors, appraisers, mill workers, foresters, loggers, haulers, moving companies, storage facilities, machine companies, framers, furniture manufacturers/stores, appliance manufacturer/retailers, tile people, Lowe's, Target, Home Depot, concrete/asphalt layers, etc. are all beneficiaries.
President Obama is expected to sign the bill, if he hasn't already. As exemplified by the vote count in the halls of Congress, this is apparently a home run piece of legislation.
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