Washington, DC – March 17, 2010 – (RealEstateRama) — Today U.S. Congressman Dean Heller (R-NV) offered an amendment in the House Ways and Means Committee on H.R. 4849, the Small Business and Infrastructure Jobs Tax Act of 2010. Heller’s amendment failed by vote of 15 to 22.
“No state has been hit harder by the housing crisis than Nevada. The problem is one of supply and demand – simply too much housing inventory is available in many struggling areas, causing deep depression in prices. The first-time homebuyer tax credit has been helpful in reducing the supply of homes, but more needs to be done. I am deeply disappointed that the majority party chose to ignore this very serious problem,” said Heller.
The Heller amendment would allow capital gains exclusion of up to $50,000 ($100,000 for joint filers) for non-primary residences that are purchased in one of the top 200 high foreclosure areas within one year of the bill’s enactment and are held for two years.