‘Stimulus’ would help housing, homebuyers - Santa Rosa Press Democrat
NORTH BAY – Residential real estate builders, banks, mortgage brokers and new homeowners stand to be positively impacted by American Recovery and Reinvestment Act of 2009, commonly referred to as the “stimulus package.”There are several items that look to be certain to pass due to their appearance on both the Senate and the House versions of the bill. The bill passed in the House on Jan. 28, went to the Senate on Feb. 2 and will eventually end up in the Joint Committee on Taxation.
“This is moving a lot faster than anybody thought,” said Chris Paris, senior manager in the Santa Rosa office of Burr Pilger Mayer.
The net operating loss carry back is in both the House and Senate bills and would increase the carry-back period from two years to up to five. Unlike the required two-year carry back that is currently the case, the filer would decide how far to go back and apply it to either 2008 or 2009 filing.
“This will pass,” Mr. Paris said. “This will be a huge