Laws & Taxes

WASHINGTON, D.C. - October 14, 2009 - (RealEstateRama) -- A tax credit that has helped more than 48,000 Ohio families purchase their first homes will expire on Dec. 1 unless Congress passes an extension.

WASHINGTON, DC - October 14, 2009 - (RealEstateRama) -- Last week, U.S. Representative Mike Quigley (D-IL) voted to extend the First-Time Homebuyer tax credit for members of the Armed Services who served abroad this past year. H.R. 3590, which extends the credit for qualifying military personnel through November 30, 2010, passed the House of Representatives overwhelmingly by a 416-16 vote. The current tax credit is set to expire on November 30, 2009.

Bill ensures that men and women serving overseas get equal access to tax credits and benefits. Washington, DC - October 13, 2009 - (RealEstateRama) -- Late last week, Congressman Baron Hill voted in support of the Service Members Home Ownership Act of 2009, H.R. 3590. The bill was passed by an overwhelmingly bipartisan vote on the evening of Thursday, October 8, 2009.H.R. 3590 ensures that our service members, particularly those deployed overseas, will get equal access to the first-time homebuyer tax credit. For example, the legislation would ensure that certain payments under the Department of Defense Housing Assistance Program (HAP) are exempt from tax. And, the bill guarantees that services members will not have to repay the first-time homebuyer credit if they are called up for service overseas and forced to sell their home within three years of purchasing.

Washington, D.C. - October 8, 2009 - (RealEstateRama) -- U.S. Rep. Lincoln Davis today supported the House of Representatives effort to make first-time homebuyer tax credits more flexible for members of our Armed Forces.

New York, NY - October 7, 2009 - (RealEstateRama) -- PREET BHARARA, the United States Attorney for the Southern District of New York, ANDREW CUOMO, the Attorney General of the State of New York, JOSEPH M. DEMAREST, JR., the Assistant Director-in-Charge of the New York Field Division of the Federal Bureau of Investigation ("FBI"), RICHARD H. NEIMAN, the Superintendent of Banks for New York State, BRIAN G. PARR, the Special Agent-in-Charge of the New York Field Office of the United States Secret Service ("USSS"), and RONALD J. VERROCHIO, the Inspector-in-Charge of the New York Division of the United States Postal Inspection Service ("USPIS"), announced today the unsealing of a seven-count Indictment charging 12 individuals—including mortgage brokers, loan officers, and attorneys—with engaging in a scheme to defraud various lending institutions by using fictitious identities and documents to obtain more than $9 million in residential mortgages. All 12 defendants were arrested this morning and are expected to be presented in federal court later today.

Trenton, NJ - October 9, 2009 - (RealEstateRama) -- Assemblyman Scott Rumana today warned the state’s middle class homeowners to brace themselves for another round of property tax increases in light of Governor Jon Corzine’s revelation he intends to cut state aid to local school districts to plug an expected $8 billion budget deficit.

WASHINGTON, DC - October 8, 2009 - (RealEstateRama) -- In an effort to provide those serving in the armed forces with the full housing benefits of the American Recovery and Reinvestment Act of 2009, U.S. Rep. Bill Pascrell, Jr. (D-NJ-8) today voted in support of bipartisan legislation that expands housing benefits to uniformed service members and other federal employees.

WASHINGTON, DC - October 8, 2009 - (RealEstateRama) -- In an effort to provide those serving in the armed forces with the full housing benefits of the American Recovery and Reinvestment Act of 2009, U.S. Rep. Bill Pascrell, Jr. (D-NJ-8) today voted in support of bipartisan legislation that expands housing benefits to uniformed service members and other federal employees.

WASHINGTON, DC - October 12, 2009 - (RealEstateRama) -- Congressman Dennis Moore (Third District – Kansas) announced today the passage of H.R. 3590, The Service Members Home Ownership Tax Act of 2009, which amends the federal tax code to ensure military personnel can take full advantage of the first-time homebuyer tax credit that was created as part of the American Recovery and Reinvestment Act (ARRA). The measure passed the House by a unanimous vote of 416-0. Moore is a co-sponsor of the legislation.

Must Close Before December 1, 2009 to Qualify for Advance Loan on Federal Credit. CHICAGO, IL - October 12, 2009 - (RealEstateRama) -- With the federal tax credit deadline fast approaching, the Illinois Housing Development Authority (IHDA) reminds potential first-time homebuyers to take advantage of the Home Start Tax Advance Loan. The deadline for the loan, which offers up to $6,000 in down payment assistance, is December 1, 2009.

WASHINGTON, DC - October 9, 2009 - (RealEstateRama) -- Congressman Mark Schauer voted to pass two key measures for our American veterans. The Service Members Home Ownership Tax Act (H.R. 3590), which passed with bipartisan support today, will extend the deadline for taking advantage of the first-time homebuyer tax credit under the American Recovery and Reinvestment Act for qualified service members by one year.

Washington, DC - October 9, 2009 - (RealEstateRama) -- Continuing his efforts help military service members and their families, Rep. Bill Foster (IL-14) voted in favor of the Service Members Home Ownership Tax Act of 2009, which would extend the deadline for utilizing the first-time homebuyer tax credit of $8,000 for qualifying service members that was included in the stimulus. The bill passed by an overwhelmingly bipartisan vote of 416-0.

Washington, D.C. - October 9, 2009 - (RealEstateRama) -- Today, Rep. Anna G. Eshoo (D-Palo Alto) voted for two key measures for service members and veterans. H.R. 1016, the Veterans Health Care Budget Reform and Transparency Act, speeds the delivery of funding for veterans health care and H.R. 3590, the Service Members Home Ownership Tax Act, assists service members looking to buy or sell their homes and extends home-buying incentives.

WASHINGTON, DC - October 8, 2009 - (RealEstateRama) -- U.S. Representative Ed Whitfield (KY-01) supported legislation today which will help members of the U.S. military purchase a home and ensure soldiers deployed abroad are not unfairly penalized under the law.

Washington, DC - October 8, 2009 - (RealEstateRama) -- U.S. Representative Judy Biggert (R-IL-13th) today introduced two related measures aimed at promoting economic recovery by strengthening the housing sector, boosting homes sales, and stabilizing property values. Both bills are fully offset to remain budget neutral and would extend or amplify the popular first-time home buyer (FTHB) tax credit, which is set to expire at the end of November

Washington, DC - October 8, 2009 - (RealEstateRama) -- Congresswoman Suzanne Kosmas (FL-24) voted in favor of the Service Members Home Ownership Tax Act (H.R. 3590), which will make changes to home-buying provisions in the American Recovery and Reinvestment Act to benefit active-duty servicemen and women currently, or soon to be, deployed overseas. The bipartisan legislation passed by a vote of 416-0.

WASHINGTON, DC - October 8, 2009 - (RealEstateRama) -- Congressman Connie Mack (FL-14) praised unanimous passage of legislation in the House of Representatives today that will extend the $8,000 first-time homebuyer tax credit for one year for qualifying U.S. servicemen and women.

WASHINGTON, DC - October 8, 2009 - (RealEstateRama) -- Congressman Steve Kagen, M.D. is building a better future for our veterans and their families.

NEW YORK, NY - October 8, 2009 - (RealEstateRama) -- Attorney General Andrew M. Cuomo and Southern District of New York United States Attorney Preet Bharara today announced the takedown of a mortgage fraud ring that illegally obtained $9 million in loans for phantom home buyers.

Washington, DC - October 8, 2009 - (RealEstateRama) -- The House today passed the Service Members Home Ownership Tax Act of 2009, H.R. 3590, which includes a Blumenauer provision that allows members of the armed services, Foreign Service, and intelligence community to take full advantage of the 2009 First Time Homebuyer Tax Credit.

Washington, D.C. - October 8, 2009 - (RealEstateRama) -- Alaskan Congressman Don Young voted yes today on H.R. 3590, the Service Members Home Ownership Tax Act and H.R. 1016, the Veterans Health Care Budget Reform and Transparency Act, both of which he cosponsored.

Burlington, VT - October 6, 2009 - (RealEstateRama) -- At the Essex home of Lindsey and Matt Wignall, Rep. Peter Welch on Tuesday called for a year-long extension of a tax credit that allowed the Wignalls and hundreds of thousands of other middle class families to buy their first home.

ANNAPOLIS, MD - October 6, 2009 - (RealEstateRama) -- U.S. Senator Benjamin L. Cardin (D-MD) today participated in a ribbon-cutting ceremony for the new Maryland Association of REALTORS headquarters. The Senator is a strong supporter of the housing industry and recently introduced legislation to extend the $8,000 first-time homebuyers tax credit for another six months, until June 1, 2010.

New standard home office tax deduction would help 180,000 Hoosier entrepreneurs claim up to $1,500 in simplified relief. Washington, DC - October 6, 2009 - (RealEstateRama) -- Seeking to make it easier for Indiana’s 180,000 home-based small businesses to take advantage of an important tax deduction, Senator Evan Bayh today proposed legislation to simplify the federal home office tax deduction and provide small businesses additional help to succeed.

Several Arkansas Counties extend October 10 deadline. LITTLE ROCK, AR - October 6, 2009 - (RealEstateRama) -- For residents of 31 Arkansas counties, personal property and real estate taxes can be paid online at http://www.arkansas.gov/ or over the phone, with most counties extending the weekend October 10 deadline to midnight on Tuesday, October 13. Residents should be sure to check the full listing of counties and deadlines available at www.Arkansas.gov.

Several Arkansas Counties extend October 10 deadline. LITTLE ROCK, AR - October 6, 2009 - (RealEstateRama) -- For residents of 31 Arkansas counties, personal property and real estate taxes can be paid online at http://www.arkansas.gov/ or over the phone, with most counties extending the weekend October 10 deadline to midnight on Tuesday, October 13. Residents should be sure to check the full listing of counties and deadlines available at www.Arkansas.gov.

Boston, MA - October 2, 2009 - (RealEstateRama) -- Lisa Torres, 40, formerly of Johnston, pleaded guilty today to a $1.7 million mortgage fraud scheme in which she purchased properties that had recently been foreclosed upon, and then used the names of straw purchasers in sham sales to finagle mortgage financing.

Senator Looney says environmental legislation will boost jobs, economic development in New Haven and across Connecticut. October 5, 2009 - (RealEstateRama) -- A measure included in one of the budget implementer bills passed by the state legislature will help stimulate economic development in New Haven and elsewhere while also preserving the environment, says Senate Majority Leader Martin M. Looney (D-New Haven). The legislation establishes a maximum $25 million tax credit for taxpayers who build buildings that meet specific energy and environmental standards.

WASHINGTON, DC - October 2, 2009 - (RealEstateRama) -- U.S. Reps. Harry Mitchell and Ken Calvert (R-CA) are inviting their colleagues in the House to join them in support of the bipartisan Homebuyer Tax Credit Act, H.R. 1245, to extend and expand the Homebuyer Tax Credit.

MORRIS PLAINS, N.J., - October 1, 2009 - (RealEstateRama) -- According to a recent survey of real estate agents, the first-time homebuyer tax credit has been extremely successful in stimulating the housing market and the overall economy.