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TAX BILL OPPOSED BY NAHB FOLLOWING REMOVAL OF ECONOMIC STIMULUS MEASURE

 TAX BILL OPPOSED BY NAHB FOLLOWING REMOVAL
 OF ECONOMIC STIMULUS MEASURE
 WASHINGTON, Oct. 5 /PRNewswire/ -- The major economic stimulus incentive on a multi-billion dollar economic recovery tax bill -- a $2,500 tax credit for first-time home buyers -- was unexpectedly deleted during a House-Senate conference over the weekend, prompting the National Association of Home Builders (NAHB) to urge Congress to reject the legislation.
 "We are extremely disappointed with the change in the course of events that occurred since Friday and culminated with the decision made on Saturday evening," NAHB President Robert "Jay" Buchert said, in reference to the sudden exclusion of the home buyer tax credit from the House-Senate conference report.
 The first-time home buyer tax credit alone would have triggered construction of 125,000 new homes and put approximately 240,000 Americans back to work over the next six months, said Buchert.
 "The home buyer tax credit represented the last chance for Congress and the administration to do something this year to promote economic growth," said Buchert. "This eliminates any economic stimulus incentive contained in the bill. We there fore urge Congress to reject the bill and the president to veto the measure if it is passed by Congress."
 -0- 10/5/92
 /CONTACT: Jay Shackford of the National Association of Home Builders, 202-822-0406/ CO: National Association of Home Builders ST: District of Columbia IN: SU: ECO LEG


DC -- DC034 -- 6791 10/05/92 17:19 EDT
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Publication:PR Newswire
Date:Oct 5, 1992
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