tax provisions: Great New Tax Credit for Homebuyers
- 08/04/08 03:14 AM
The House of Ways and Means Committee recently approved a bill that enables most first-time home buyers to receive a tax credit of up to $7,500 for the purchase of a home. This tax credit will be available for owner occupied home purchases between 04/08/2008 and 04/01/2009. There are income restrictions and it is important to note that the credit is effectively an interest free loan with a 15 year repayment term. If the home is sold prior to the repayment period, the remaining balance will fall due. This bill certainly gives a great leg up to people currently renting that … (0 comments)
The House of Ways and Means Committee recently approved a bill that enables most first-time home buyers to receive a tax credit of up to $7,500 for the purchase of a home. This tax credit will be available for owner occupied home purchases between 04/08/2008 and 04/01/2009. There are income restrictions and it is important to note that the credit is effectively an interest free loan with a 15 year repayment term. If the home is sold prior to the repayment period, the remaining balance will fall due. This bill certainly gives a great leg up to people currently renting that … (0 comments)
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