In an effort to combat fraudulent activities which have been reported in the news, the extension of the new home buyer tax credit legislation requires taxpayers to include a “settlement statement” with their tax returns as proof of purchase. Manufactured housing ‘home-only’ transactions typically involve a retail sales contract instead of a HUD-1 settlement statement. MHI, with strong assistance from the Arkansas and Florida Manufactured Housing Associations, engineered a floor colloquy among three key Senators on the Senate floor which clarifies that retail sales contracts for home only manufactured home transactions, in lieu of settlement statements, will be acceptable to the IRS as proof of purchase. These Senators included Finance Committee Chairman Max Baucus (D-MT), as well as Finance Committee Members Bill Nelson (D-FL) and Blanche Lincoln (D-AR).

Source: MHI Newswire