Another noteworthy development that impacts the kitchen and bath industry is the legislation passed in Congress that extends the $8,000 first-time home buyer tax credit. Originally set to expire at November 2009, "the new law will extend the tax credit for sales contracts entered into by April 30, 2010 and closed by June 30. Further, the legislation has been expanded to include a new $6,500 credit for [qualifying] owners of existing homes who are purchasing a new principal residence." This is a much needed economic incentive in this fragile housing market that will help stimulate home sales, create new jobs, cut excess inventories and stabilize home prices, according to the National Association of Home Builders (NAHB).
(source: Kitchen & Bath Design News, Dec 2009)
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