NAR Testifies in Support of Homebuyer Tax Credit

According to the National Association of Realtors®, The House Small Business Committee held a hearing on June 5th to review the impact of the housing crisis on small businesses and to discuss tax incentives that might help stabilize housing. NAR Treasurer Jim Helsel presented testimony urging that Congress act quickly to move to conference and send a final version of tax credit legislation to the President for his signature. In his comments, Mr. Helsel emphasized the importance of making the credit available for the purchase of any type of residential property that would be used as a principal residence. (The Senate version of H.R. 3221 allows the credit only for the purchase of foreclosed property.) In addition, he recommended that Congress raise the income limits the House imposes, particularly for those who file single returns.

The testimony also explored the importance of the so-called "small" individual investor and explained the importance of adjusting the exceptions to the passive loss rules so that more small investors will return to the market. The limits for the exception have not been adjusted since their original enactment in 1986.

Click here to read the full testimony.

View a side by side chart comparing the House and Senate provisions.