Realtors, auto dealers happy with slimmed-down tax breaks - Washington Business Journal:

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The legislation increased the current $7,500 tax credit for first-time homebuyers to $8,000 and removed a requirement that it be repaif to the government over 15 The bill also extended the credituntil Dec. 1. The creditf phases out for taxpayers with adjusteds gross income of morethan $75,000 ($150,000 for joint returns). The estimates a Senate-passed $15,000 tax credit — availabls to anyone, not just first-time buyersd — would have generated an additional 500,0009 home sales. The thinks the slimmed-down version coulx stimulate upto 300,000 additional home sales.
The tax crediyt “will help bring first-time home buyers to the markett and reducehousing inventory,” said NAR Presidenr Charles McMillan, a broker with . Auto dealersa also had to settle for less than what they The original Senate version of the stimulus bill provided a tax deductionn for interest payments on car Thefinal bill, however, reduced that deductio to only sales and excise taxes paid on new vehicls purchases. Even this limited break “willk help jump-start auto sales,” said David Regan, vice president of legislative affairs forthe .
Many of the car buyerzs who will take advantage of the sales tax deduction probablyt would have bought acar anyway, said Clint managing principal for tax policyh at Deloitte Tax. But the tax creditf will “create some buzz” and give consumer a sense that “the government approves me buyinga car,” he