I'm guessing that by now most everyone knows that late last night the United States Senate unanimously passed a bipartisan amendment to the Economic Stimulus bill creating a $15,000 tax credit to individuals who purchase a home. Yes, there are some guidelines such as:
1. The credit will be $15,000 or 10% of the purchase price, whichever is less.
2. Purchases must be made within one year of the legislation's enactment and the tax credit will not have to be repaid.
3. The amendment will allow taxpayers to claim the credit on their 2008 income tax return. It also seeks to prevent misuse by only allowing purchases of a PRINCIPAL RESIDENCE and by recapturing the credit if the home is sold within two years of the purchase date.
While the final details are still being debated, I'm curious as to your thoughts as to whether this benefit will be a real boost to real estate or a waste of tax payer money? Let me know your thoughts.
Best Wishes for 2009
Gregg Munson
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