How Will the Economic Stimulus Tax Credit Plan Affect Your Housing Plans?

At 2:30pm CST on Friday February 13 2009, the US House of Representatives approved the following Economic Stimulus package that affects housing in the real estate industry. So how does this affect your plans to homeownership?

This is a trimmed version of $787 Billion from an earlier version just a week ago of over $900 Billion. This new bill is also expected to create 3.5 million jobs. At the time when this post was published, the Senate are discussing passing this bill and President Obama is expected to sign this bill into action.

Just 10 days ago, the proposal was $15,000 of home tax credit with no income restrictions while the original proposal was $7,500 repaid over a period of $500 for the next 15 years with income qualifications.

Today, the House passed an amount almost cut in half. $8,000 but this never needed to be re-paid. A true tax credit. If you don’t owe as much taxes, the IRS will refund with a check. When you sell the house less than 3 years of ownership, you will have to repay the credit.

Qualifying home purchase from January 1 2009 through August 31 2009. Income limits for singles up to $75,000 and $150,000 for married couples filed jointly.

What happens to the original enactment for first-time home buyers that qualify?

The proposal to this is to stay true for those who qualifies. First-time home buyers that purchase between April 9 2008 through December 31 2008 will still be covered under the original bill for $7,500. Finalization is still decided upon whether the tax credit needs to be re-paid.

Read more on whether you qualify for the First-time Home Buyer credit under the original bill in my post, What Every First-time HomeBuyer Needs To Know About The $7,500 Tax Credit.
 

 

 

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Contact:
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Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

 

 

Copyright © 2009 by Loreena Yeo (3:16 team REALTY).  How Will the Economic Stimulus Plan Affect Your Housing Plans?

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