Stimulus Bill & Tax Credit

By now I'm sure most of you have heard about the new Stimulus Bill & Tax Credit that was just signed. I really think this will be a POSITIVE thing for everyone, especially the Real Estate Market! Yeah!! Here is what The Kansas City Association of Realtors has to say about it. Also look for their ad to appear in this Sunday's Kansas City Star (or click the link to see it below!)

The economic stimulus bill we’ve all heard so much about in the last few weeks was signed into law yesterday. Officially known as the “American Recovery and Reinvestment Act of 2009,” the bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010.



The mix of provisions of interest to REALTORS® changed frequently throughout the legislative process, with changes continuing to be made just hours before the measure was released prior to the vote. In the end, the elements of NAR’s housing agenda were included.



Learn more by viewing NAR President McMillan's video podcast or read more about the housing provisions in the bill. Additionally, the NAR Chief Economist, Lawrence Yun, has posted a commentary summarizing more information on this important legislation.



The tax credit for first-time home buyers, up to $8,000, is an important aspect of the bill for all REALTORS®. It’s a significant improvement over the $7,500 credit included in TARP 1 last year, especially in that it is not repayable. Click here for a chart with the major modifications for the first-time home buyer tax credit.



Promoting this tax credit, and the incentive it brings first-time buyers to contact a REALTOR®, will be a central message in the KCRAR Public Awareness Campaign this spring and summer. This ad will appear for the first time in the Sunday Real Estate section of The Kansas City Star on March 1. A column by Chris Collins, ABR, CRS, GRI, 2009 KCRAR President, will appear on the cover of the Saturday Real Estate section in The Star on March 14. And additional print and online placements are being planned now. So stay tuned for more!