Tax Lawyer's Blog

In an effort to jump-start the Florida economy, real estate lobbying groups are pushing to get the Florida legislature to advance to first time homebuyers the new, $8,000 federal tax credit the Orlando Sentinel reports:

A coalition of powerful groups, including the Orlando-based Florida Association of Realtors, is lobbying the state to find a way to advance first-time homebuyers a new, $8,000 federal tax credit designed to spur home sales.

Many first-time buyers have the income and credit to qualify for a home loan but need help with the down payment, said Cynthia Shelton, an Orlando Realtor and current president of the statewide trade group. Fronting the money for the new tax credit could draw more qualified buyers into the slumping home market sooner, she said.

A study by Miami-based economist Antonio Villamil concluded last week that “front loading” the tax credit, part of the federal government’s stimulus package, would give Florida’s economy a significant boost — equivalent to creating 33,206 jobs and generating $514 million in federal, state and local tax revenue.

“I was in Tallahassee last week and I met with some senators. We’re pressing like mad to get this through,” Shelton said.

Lobbyists and legislators have to move quickly because the federal tax credit expires in November:

Supporters of what the consumer federation is calling the “Florida formula” said the state has a short time in which to act because the tax credit is for homes purchased by the end of November.

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