Bill Nelson: Restore the Homebuyers' Tax Credit

On Monday, Democratic U.S. Sen. Bill Nelson called for money saved from a ban on congressional earmarks to go to restoring the homebuyers' tax credit.

Speaking at the Southwest Florida Chamber of Commerce, Nelson called for the restoration of an $8,000 tax credit to first-time homebuyers with $6,500 going to previous homebuyers.

Here in South Florida, where housing values have dropped so, theres an additional measure that I believe will help, too: renewing the successful homebuyers tax credit, said Nelson. It is an $8,000 tax credit for qualified first-time homebuyers and a $6,500 tax credit for repeat buyers.In the first quarter of this year, the tax credit led to a 6 percent increase in all home sales and a 42 percent increase in the sale of new homes.

That means jobs, insisted Nelson. Jobs selling houses.Jobs financing houses.Jobs building houses.And jobs making everything you put in a house. That is the kind of boost we need to get Florida moving again. Thats why next week Im going to file legislation that will reinstitute the tax credit for 2011.

But, it will carry a price tag, added Nelson. If the Senates going to vote to ban so-called earmarks, which youve probably heard much about, then I think we should take the money that would otherwise be spent on lawmakers projects and use it to pay for the homebuyer tax credit. If my colleagues in Washington are serious about banning earmarks, instead lets put the money into the pockets of homebuyers.

A host of Republicans are lining up to take on Nelson in 2012 with potential candidates including outgoing U.S. Sen. George LeMieux, Senate President Mike Haridopolos, U.S. Rep. Connie Mack, U.S. Rep. Vern Buchanan, U.S. Rep. Tom Rooney and former House Majority Leader Adam Hasner.