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Hamptons Life

Nov 12, 2009 12:40 PMPublication: The East Hampton Press & The Southampton Press

New tax credits for homeowners

Nov 12, 2009 12:40 PM

Earlier this month, Congressman Tim Bishop voted to extend the home buyers’ tax credit, unemployment benefits and tax relief for military families and businesses.

According to Mr. Bishop, the “Emergency Unemployment Compensation Extension Act” will provide immediate assistance, extending relief to millions of workers, families and businesses nationwide. President Barack Obama signed the bill into law on Friday, November 6.

“Both Republicans and Democrats agree that we need to provide this immediate relief to struggling Long Islanders who have lost, or are on the verge of losing, their unemployment benefits in order to get our economy moving in the right direction,” Mr. Bishop wrote late last week. “In addition, the extension of the home buyer tax credit will continue to help stabilize our housing market as this tax credit has already done in recent months.”

The bill includes an extension of the $8,000 first-time home buyer tax credit through April 30, 2010 and provides a $6,500 credit to home buyers who have been in their current residence for five or more consecutive years out of the last eight years.

Those who may be eligible for the credit include first-time home buyers and new purchasers of principal residences up to $800,000. The tax credit will be available for individuals with incomes not exceeding $125,000 or for joint filers with combined incomes of up to $225,000.

The law will also help military families struggling to make mortgage payments by making those payments tax-exempt.

Additionally, the legislation will provide families in New York with 14 weeks of additional unemployment benefits.

For more information, visit timbishop.house.gov.

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In Suffolk, the average home price is $559,434 and the median home price is $379,000. Forgetting for the moment that the Gov't can only spend borrowed money, the $8,000 giveaway does not push too many over the threshold to buy when they wouldn't already. Stil, the extra money could keep you from going to jail because you didn't want to buy the health insurance Peloshop (Pelosi/Bishop) wanted you to buy in the last bill he voted for. I guess Peloshop giveth and Peloshop taketh away.
Rich Blumenthal
By RichardBlumenthal (24), Westhampton Beach on Nov 12, 09 1:19 PM
Ah, the teabagger has returned! Dear Mr. Talking Points, most economists will tell you that the tax credits have given the housing market the shot in the arm it needs. You are considering running for public office yet I have yet to hear an actual idea from you on these boards. Instead, you tow the party line and complain and moan about socialism and Nancy Pelosi. If candidates like you are the best we can do, then we are irreversibly screwed.
By yearrounder (208), Southampton on Nov 12, 09 3:40 PM
Mr. Blumenthal, your devotion to ditto-head talking points is truly astounding. A good politician must be able to think on his or her own and, more importantly, to think outside of party ideology and focus on what is best for their constituents. I looked through your site and I did not found one original idea. What I found was a republican party playbook that still clings to the flawed and failed policies of deregulation and tax cuts to the rich. How do you think this country got to the state ...more
By peoplefirst (787), Southampton on Nov 19, 09 10:21 AM
If you would like to see what was ALSO included in the bill that was voted on please read New York Times - 11-14-09 , business section , Gretchen Morgenson's collum titled "Home builders (You heard that right) get a gift"
By fix-it-now (216), sag harbor on Nov 15, 09 10:43 AM