Senate OKs big-ticket item tax breaks in stimulus

The economic stimulus bill passed by the U.S. Senate includes tax breaks to would-be homeowners, something many hope will jump start Long Island?s housing market. Obama?s economic recovery plan called

News 12 Staff

Feb 5, 2009, 3:46 AM

Updated 5,641 days ago

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The economic stimulus bill passed by the U.S. Senate includes tax breaks to would-be homeowners, something many hope will jump start Long Island?s housing market.
Obama?s economic recovery plan called for a $7,500 tax break to first-time homebuyers, but Senate Republicans wanted the incentive doubled to $15,000 for everyone who buys a home this year. The bill passed with the Republican provisions.
"I think it?s brilliant," says Long Island real estate agent Fern Karhu. "Anyone who is sitting on the fence will be pushed to make a buying decision.?
Bobby Green, of Bellmore, says he?s been renting for five years and has nothing to show for it. However, he says he?d probably be enticed to buy now.
?I have money saved up and I definitely would invest in something that is half-way decent,? Green says.
Click for more about proposed tax breaks on new cars


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