Representatives from the CT Association of Realtors and the Home Builders Association of CT praised the inclusion of the Lieberman-Isakson Homebuyer Tax Credit in the American Recovery and Reinvestment Act on February 5. The proposal, introduced by Senator Joe Lieberman (ID-CT) and Senator Johnny Isakson (R-GA), would double the maximum size of the homebuyer credit from $7,500 to $15,000 and remove several unnecessary restrictions that have deterred homebuyers and limited the usefulness of the credit.
“The Realtors of CT thank Senator Lieberman for his efforts in passing this legislation in the Senate… It is good news at a time when such measures are needed. If signed into law, these initiatives will boost home ownership, home sales, and the economy,” said Linda St. Peter, President, CT Association of Realtors, Inc.
“Senator Lieberman’s expanded home buyer tax credit will provide the spark that’s needed to get prospective home buyers off the fence and back into the marketplace” said Greg Ugalde, CT State Representative, National Association of Home Builders. “This, in turn, will enable housing to restore confidence among consumers and in the financial markets and get the nation’s economy moving again.”
“The additional incentive that this tax credit will provide to potential homebuyers is vital to reenergizing the real estate market in CT,” said Senator Lieberman. “I will continue to work with my colleagues in the Senate to ensure that this tax credit is included in the final economic recovery package.”