Political Quotes

“Millions of American families have taken advantage of the home buyer tax credit, giving a much-needed boost to home sales at a time when our housing market needed it most. In a word, this tax credit has worked. It gave a boost to our economic recovery, and it helped first-time buyers achieve their dream, the American Dream of owning a home. Today's legislation helps ensure the credit works for people who have followed the terms of the incentive. Under current law, taxpayers that entered into a written, binding contract to purchase a home prior to May 1, 2010, are eligible for the home buyer tax credit so long as the sale was completed prior to July 1, 2010. The bill would extend this closing date from prior to July 1, 2010, to prior to October 1, 2010. As a result, taxpayers that entered into a written, binding contract prior to May 1, 2010, will have until September 30, 2010, and I emphasize that, until September 30, 2010, to complete their home purchase transactions. This legislation also takes important steps to eliminate instances of fraud that were recently discovered by the Treasury Inspector General for Tax Administration relating to prison inmates.”