Home Buying Experts Support New Legislation to Remove Home Buyer Tax Credit Marriage Penalty

AVONDALE, AZ - March 18, 2010 - (RealEstateRama) — The National Association of Exclusive Buyer Agents (NAEBA) expresses support for legislation recently introduced by Representative Eliot Engel (D-NY17) that would amend the Internal Revenue Code of 1986 eliminating the so called “marriage penalty” from the Home Buyer Tax Credit.

The current guidelines require both spouses to have the same exact ownership history in order to claim the tax credit, a standard that does not apply to unmarried couples, effectively penalizing married homebuyers.

“We applaud Representative Engel’s leadership on this issue and fully support this legislation that will make the current homebuyer tax credit section of the Internal Revenue Code of 1986 more equitable for all potential home buyers,” said Benjamin Clark, 2010 President of NAEBA.

The Worker, Homeownership, and Business Assistance Act of 2009 provides a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence and a tax credit of up to $6500 for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The tax credit is available for eligible purchasers who are in contract by April 30, 2010 and close by June 30, 2010.

H.R. 4701, introduced by Representative Eliot Engel (D-NY17), would provide relief to certain married couples who would otherwise be ineligible for the first-time homebuyer credit. The bill provides that married individuals filing a joint return would qualify for the appropriate credit even where one spouse is ineligible. For example, if one spouse is a first-time homebuyer and the other is ineligible, the couple would be treated as first-time homebuyers. However, such a couple could qualify for up to $4,000.00, as opposed to the full $8,000.00 tax credit had both spouses been first time homebuyers. The bill has recently been introduced in the House.

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About NAEBA

The National Association of Exclusive Buyer Agents (NAEBA) is an organization of real estate professionals who have dedicated their business lives to representing only buyers of real estate. To avoid conflicts, NAEBA members do not list homes for sale and never represent sellers. This restriction to one side of the real estate transaction ensures that the interest of home buyers is protected in every step of the real estate transaction, from house-hunting and negotiation, to inspection, financing and closing.

NAEBA is pioneering a nationwide effort to give today’s home buying consumers the level of service they deserve and are increasingly demanding. NAEBA members firmly believe that home buyers have the same full and equal representation rights as sellers in any real estate transaction. NAEBA, in existence since 1995, is comprised of Exclusive Buyers Agents in most areas of the United States, and in some international markets.
For more information, visit http://www.naeba.org.

Media Contact:
Kimberly Kahl, CAE, Executive Director
National Association of Exclusive Buyer Agents
Phone:  800-786-1570

 

 

 

 

 

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