Homebuyer Tax Credit

Op-Ed

Homebuyer Tax Credit

At the beginning of March, I introduced H.R. 5565, legislation that will help get our economy back on track. It has been widely publicized that a large component of our current slowdown in economic growth is due to a decline in the housing market. The rise in foreclosures coupled with a shrinking demand for new homes has done damage to American economic confidence.

My legislation provides a tax credit of $15,000, spread out over a three year period, to individuals purchasing single family homes. As a former real estate attorney, I know that this would stimulate the economy by incentivizing the purchasing of new homes and/or homes that have come under foreclosure. Additionally, by stipulating that this credit is for single-family homes, it would ensure the benefit is focused on individual homebuyers who are the foundation of our housing market.

H.R. 5565 would strengthen the housing market by empowering free market forces.

Background on H.R. 5565:

* This is a one-time tax credit
* The tax credit is for eligible homes purchased between February 29, 2008 and March 1, 2009
* The tax credit applies to:
o New homes whose construction permit is issued and construction began on or before September 1, 2007
o A foreclosed home
o A home facing foreclosure

Visiting Iraq and Afghanistan

This past month I traveled with a bipartisan delegation of congressmen to visit our troops serving in Iraq and Afghanistan. I was grateful to have the opportunity to bring the best wishes of South Carolinians to those serving abroad and to see firsthand what progress and what challenges exist.

Listening to our troops on the ground, I am encouraged now more than ever that we can and must succeed in Iraq and Afghanistan to protect American families. The men and women of our Armed Forces are professionals. They are conscious of the importance of their mission, and they understand what is at stake for the people of these two nations and for American families should those countries fall into the hands of radical extremists.

In Iraq, I visited with my son, Lieutenant Addison Wilson, Jr., a Navy doctor, who has been on a four month tour there. I heard firsthand of his successes.

During our visit, we met with local townspeople and walked the streets of Haditha in Anbar Province. The neighborhoods we visited had previously been under the tyrannical control of Al Qaeda and yet today, through the efforts of American forces and the growth in size and strength of Iraqi military and police forces, the Iraqi citizens we met were hopeful. They were weary and pained by the constant fighting and cruel nature of the enemy they had seen, but they were impressed with the dedication of the American troops that came to their aid and then stayed to help defend them and help them defend themselves.

In Afghanistan, we met with members of the 218th Brigade Combat Team of the South Carolina National Guard, my former unit of 28 years, led by Brigadier General Bob Livingston. They have been making progress training Afghani police and military, and I am grateful for their continued service. Additionally, we had the opportunity to see reconstruction progress taking place - including the construction of a bridge in Asadabad being supervised by a Provincial Reconstruction Team.

Next week, General David Petraeus and Ambassador Ryan Crocker will deliver a report to Congress on the current state of military and diplomatic activities in Iraq. They will outline what is working and where there must be improvement. I look forward to a candid discussion and debate. The successes we have seen on the ground in Iraq since the surge of American forces have been extraordinary. However, there is much left to be done. Our military men and women deserve nothing less than a Congress dedicated to supporting their mission and providing them the tools they need to get the job done.

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