Top Stories
New Jersey Voters Elect New Governor
On Tuesday, November 3, 2009, Chris Christie was elected as the 55th Governor of New Jersey. The Governor-Elect will be sworn in to office in January 2010. For information on where Governor-Elect Christie stands on issues of importance to REALTORS®, view his answers to a NJAR® questionnaire in the October 2009 issue of New Jersey REALTOR® magazine. The feature article will provide information regarding the Governor-Elect's stance on issues important to the real estate industry that he will face beginning in January, including property taxes and the realty transfer fee.
In addition, elections were held for the entire New Jersey General Assembly, two seats in the State Senate and numerous county and local offices around New Jersey. When the new session of the State Legislature convenes in January 2010, the Democrats will control 47 seats in the General Assembly and the Republicans will control 33 seats. In the State Senate, the Democrats will have 23 seats and the Republicans will have 17 seats. To view election results from around New Jersey, visit the New Jersey Division of Elections website.
Progress Being Made on Extending
Tax Credit
On Thursday, November 5, 2009, the House of
Representatives voted 403-12 to pass HR
3548, a bill extending unemployment benefits
that includes an amendment to also extend
and expand the federal tax credit. Now the
bill must be sent to the President for his
signature before it can become law.
The legislation
awaiting a vote by the House is as follows:
·
Credit available for purchases
completed before May 1, 2010. Prospective
purchasers with binding contracts in place
as of April 30, 2010 will be allowed an
additional 60 days to complete the
transaction.
·
Credit remains at $8,000 for
first-time purchasers. No change to
definition of first-time purchaser.
·
New $6,500
tax credit for repeat buyers who purchase
between December 1, 2009 and May 1, 2010.
Repeat buyers must have lived in their homes
consecutively for 5 of the previous 8 years.
·
Income limits are expanded to
$125,000 on a single return and $225,000 on
a join return. Current law $20,000 phase-out
retained.
·
New anti-fraud limitations are
imposed.
Please stay tuned to NJAR®
for the most recent updates.
NJAR® Joins Congressman Lance in Support of Tax Credit
On Monday, October 26, 2009, shortly before the tax credit deal was made in the Senate, NJAR®
joined Congressman Leonard Lance (NJ‐07) at a press conference in support of the extension and expansion of the federal first-time home buyer tax credit for residents across the state through 2010. Earlier this month, Lance introduced the Homebuyer Tax Credit Fairness Act (H.R. 2779) which would specifically extend and expand the popular tax credit from $8,000 to $15,000 through December 1, 2010, and open it to all people buying a primary residence regardless of income or past homeownership. For more on the press conference, view the press release.
REALTORS® Recognize November as Designation Awareness Month
Throughout November, the New Jersey Association of REALTORS® (NJAR®) recognizes REALTOR® Designation Awareness Month, a time to encourage members to "Keep It In the Family" by starting, continuing or completing the courses leading to one of the official NATIONAL ASSOCIATION OF REALTORS® (NAR)-endorsed designations or certifications available to members of the REALTOR® organization. NAR has nine affiliated institutes, societies, and councils that offer designation and/or certification courses that cover a wide array of topics. Read the NJAR® press release to learn more about the areas in which REALTORS® can expand their knowledge, as well as the courses that will be offered at this year's 2009 Triple Play REALTOR® Convention & Trade Expo.
Other Stories
