TORRANCE, Calif. – February 24, 2010 – The South Bay Association of REALTORS® expressed disappointment that the Senate Revenue and Taxation Committee failed to act today on a bill, SB x6 4 by Senator Roy Ashburn (R-Bakersfield) and Senator Ron Calderon (D-Montebello), that would have extended the homebuyer tax credit and would have expanded it to include the purchase of existing homes in addition to new residences. This important legislation could have potentially created new jobs and enabled more families to qualify for a home.
“This bill would have extended and expanded the $10,000 homebuyer tax credit at an important moment in our economy,” said Paul Clark, President of the South Bay Association of REALTORS®. “We encourage the legislature to continue addressing the need for housing and accessible housing finance solutions such as this tax credit.”
This state tax credit would increase the demand for both new and existing homes, create new jobs and enable more buyers to qualify for a home. The National Association of REALTORS® reported on February 11, 2010 that existing home sales saw strong gains nationwide and that the federal first-time home buyer tax credit was the dominant factor.
On November 6, 2009, U.S. Congress voted to extend and expand the first-time homebuyer tax credit under the “Worker, Homeownership, and Business Assistance Act of 2009”. For more information on this legislation, go to www.REALTOR.org.
The South Bay Association of REALTORS® represents, educates and advocates for approximately 3,800 REALTORS® living and working in the South Bay between El Segundo and San Pedro, Calif.
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