www.lasvegasmtg.com Report: Ron Paul Legislation to Return $8,000.00 First Time Home Buyers Tax Credit
May 25th, 2010 Ron Paul (R TX-14) introduced legislation HR 5398 to permanently reinstate the First Time Home Buyers Tax Credit of $8,000 and amend the 1986 Tax Codes allowing for Federal Declared Disaster areas for home buyers to receive the credit to replace or repair destroyed homes.
The new legislation would permanently make available the $8,000 Tax Credit for First Time Home Buyers and would greatly expand the tax codes on who would be able to qualify for the Tax Credit.Here is a list of proposed changes to the Tax Codes.
1. Currently if a home owner suffers a property and causality loss in a Federally Declared Disaster Area, but does not itemize on their Tax Returns they cannot write off their losses. If HR 5398 passes it would allow up to 5 years from the date of the loss to amend or file for the loss on their Tax Returns.
2. It would allow existing Home Owners to receive the $8,000.00 Tax Credit that was for First Time Home Buyers to apply for the $8,000.00 Tax Credit if they are repairing or replacing a home that was damaged or destroyed in a Federally Declared Disaster Area.
3. It would also allow people that lost their jobs from a natural disaster to collect unemployment from the Disaster Relief and Emergency Assistance Act tax free.
Ron Paul while addressing the House Of Representatives Stated " Renewing the first-time home buyer's credit will help Americans purchase a first home with their own money, instead of having to rely on government-funded or backed programs."
It is my opinion that the legislation will help right the wrongs that currently prevent losses incurred from natural disaster on a group of Tax Payers that do not itemize to write them off is the right thing to do. I also believe that not having to pay taxes on unemployment from a job loss incurred because of a natural disaster is the right thing to do.
I also agree that the $8,000.00 Tax Credit for First Time Home Buyers will be necessary until we see some light at the end of the tunnel and a recovery in the housing market and a decline in the unemployment rate.
What I find interesting is this legislation is coming from a Ultra Conservative that has run on a platform that Government is to big and wanting to abolish the IRS and lowering taxes for all Americans in his 2008 Presidential candidacy is sponsoring this bill. In his comments " Renewing the first-time home buyer's credit will help Americans purchase a first home with their own money, instead of having to rely on government-funded or backed programs" seems out of touch when you consider where the Tax Credit is coming from! The Tax Credit for First Time Home Buyers is coming from "US".
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John Le Francois
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All Western Mortgage Inc.
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