Woodbridge Real Estate For Sale May Get You A $15,000 Gift From Uncle Sam
Woodbridge Home Buyers Stimulus Could Give You $15,000
Last night, the Senate added a significant homebuyer tax credit to the housing stimulus plan. The plan is merely a proposal right now that has been kicked back to the House Of Representatives for acceptance, or counter-offer.
It aint a done deal yet.
Here are the key elements of the Senate credit proposal:
* The tax credit is for the amount of $15,000 or 10% of the purchase price (whichever is less), with the option to utilize all in one year or spread out over two years. The credit does not have to be paid back.
* The tax credit is available to all purchases of any home from date of enactment for one full year - no longer just a first time homebuyer credit.
* Able to claim the credit against the 2008 tax return
* Buyers must occupy the home for two years as their principle residence
* Includes a two year recapture provision (if you leave the home in two years you lose the credit)
* Purchases of homes by investors are ineligible. Sorry investors, no credit for you.
* Replaces the previous $7,500 Housing Tax credit on the date of enactment
* You will not have to pay back the $15,000 credit in future tax returns. (The $7500 credit was given to you in your 2008 or 2009 tax return, but the old program required you to give it back in subsequent years).
The bill is still working its way through Congress - The House of Representatives must still negotiate with the Senate, and the House bill does not contain the credit. The program may change. Don't count your chickens until President Obama signs the bill. But this is an important step forward.
I urge you to send an email or fax to your member of the House in which you make your support of the $15,000 credit known.
CLICK HERE NOW to quickly find the email address and/or fax number for your member of the House.
CLICK HERE NOW to see what Economic Editor, Diana Olick, at CNBC has to say about the benefits to the overall real estate market if the $15,000 tax credit is accepted by the House.
CLICK HERE NOW to see what Fox News reported this morning about the impact of the home buyer credit on the economy and the housing sector.
Stay in touch and let me know how I can help you!
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Erick Blackwelder or Peggy James Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany, Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.
Equal Housing Opportunity
President Lyndon Johnson lead a vigorous campaign through the halls of Congress that lead to Fair Housing legislation. The Republican Party members in Congress backed Fair Housing, while most of the congressional Democrat Party members opposed Fair Housing. Johnson, a Democrat, worked the phones day and night, calling congressional Democrats, calling in favors that persuaded enough Democrats to cross party lines and vote for Fair Housing, and against their party leaders.
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