Builders Applaud Homeownership Tax Credit Provision in Senate Bill - 8/2/2004 - Insurance Lawyers Taxes

Builders Applaud Homeownership Tax Credit Provision in Bipartisan Senate Bill

“The National Association of Home Builders applauds the leadership displayed by the members of the Senate Finance Committee in working in a bipartisan manner to incorporate a homeownership tax credit component in the small business/agriculture tax bill,” said NAHB President Bobby Rayburn.

A top legislative priority of NAHB, the tax credit would increase housing opportunities for working families by helping to bridge the gap between what it costs to build homes in lower-income neighborhoods and the price that buyers in those neighborhoods can afford to pay.

The homeownership marker included in S. 2761 reflects similar legislation (S. 875 and S. 198) sponsored by Senators Smith, John Kerry (D-MA), Rick Santorum (R-PA) and Debbie Stabenow (D-MI) that would help provide affordable workforce housing; stabilize rural, depressed areas and other communities; create new jobs; increase investment and stimulate the economy.

“For several months, Senators Kerry, Smith, Santorum and Stabenow, along with Senator Paul Sarbanes, the ranking member of the Senate Banking Committee, have diligently promoted the tax credit to help boost homeownership opportunities in low-income communities, and NAHB commends them for their efforts,” said Rayburn.

As S. 2761 moves through the legislative process, we look forward to working with Senate lawmakers to strengthen the homeownership tax credit component and help bring the American dream home to tens of thousands of families,” he said.

To read the legislation discussed above, click here and enter the bill number in the box at the upper left.