Letter to Nancy Pelosi, Speaker of the House of Representatives

Letter

Letter to Nancy Pelosi, Speaker of the House of Representatives

Dear Speaker Pelosi, House Minority Leader Boehner, Senate Majority Leader Reid, and Senate Minority Leader McConnell:

We are writing to respectfully request that the final version of the American Recovery and Reinvestment Act of 2009 (H.R. 1) include the $15,000 Homebuyer Tax Credit that was unanimously supported in the United States Senate on Wednesday, February 4th.
Your conference report will serve as the roadmap for our country's economic recovery and it is critical that this legislation provide a much-needed incentive to stabilize and encourage investment in the housing market.

The tax credit would be worth $15,000 or 10% of the purchase price, whichever is less, and can only be applied to those homes bought within one year of this bill being signed into law. Because it would not have to be repaid, it improves upon the existing $7,500 tax credit, which must be repaid. For those sitting on the sidelines, waiting to purchase a home, this tax credit is the stimulus we need to spur action.

In addition, the Homebuyers Tax Credit is truly a bipartisan solution. The Tax Credit Amendment was authored by Sen. Johnny Isakson, a Republican from Georgia, and earned the support of Senate Democrats, Republicans and Independents.

Because of the nature of the investments we are considering, in both size and scope, the Homebuyers Tax Credit includes provisions to prevent potential misuse. The Homebuyers Tax Credit only allows taxpayers to claim the credit if they are purchasing their principal residence and the purchaser would have to forfeit the credit if the home was sold within two years of purchase, thus preventing the rapid "flipping" of houses that we witnessed just a few short years ago.

This Tax Credit worked in the 1970s to restart a moribund housing industry. When we have a market-based solution that is straightforward and proven to work, we should adopt it as part of our efforts to revitalize our economy.

The final version of this bill and the decisions made in regard to what is included in the American Recovery and Reinvestment Act of 2009 (H.R. 1) will impact our citizens in the years to come. We respectfully request that as you evaluate what measures to include in the final legislation that you include the $15,000 Homebuyer Tax Credit so that we may begin to tackle one of the most critical problems facing our economy.

Sincerely yours,
Bill Foster Ken Calvert

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