GOOD NEWS - Expansion of the Tax Credit

By
Real Estate Agent with William Raveis Real Estate RES.0772823

The Senate last night passed an expansion of the tax credit proposal.   The proposal would be available to all purchasers (not just first-time homebuyers).  NAR was instrumental in getting this provision passed by the Senate. 

The key elements are:

  • A tax credit in the amount of $15,000 or 10 percent of the purchase price (whichever is less), with the option to utilize all in one year or spread out over two years

  • The tax credit is available to all purchases of any home from date of enactment for one full year.

  • Able to claim the credit against the 2008 tax return

  • Buyers must occupy the homes for two years as their principal residences

  • Purchases of homes by investors are ineligible

  • Terminates the previous $7,500 Housing Tax credit on the date of enactment

The Senate is could pass its entire Stimulus Bill by this weekend.  The House and Senate would then likely have a conference next week to work out the differences.

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Rainmaker
61,955
Brent Johnson
Chase International South Tahoe Realty - South Lake Tahoe, CA

Great news! It is good to see that the housing market is getting some attention!

Feb 05, 2009 01:38 AM #1
Rainer
29,759
Stephen D White, E-Pro, ABR Cape Cod Real Estate
SDW Realty of Cape Cod - Falmouth, MA

thanks Gail for the update!

Feb 05, 2009 01:39 AM #2
Rainmaker
938,119
Ann Hayden 636-399-7544
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Chesterfield, MO
SelectAnn.com

Gail,

Did this package mention the buyers from last year and the tax credit/interest free loan not having to be repaid??  I know it passed in the House.

Ann Hayden enjoying the sun in Wildwood, Missouri

Feb 05, 2009 01:46 AM #3
Ambassador
1,207,909
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

Wow, this will be HUGE!!  Time to buy!!

Feb 05, 2009 01:58 AM #4
Rainmaker
894,912
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT

Ann - No, but there is a move to do that, but not confirmed at this point

Feb 05, 2009 04:04 AM #5
Rainmaker
894,912
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT

Not even five minutes after posting this, a reporter from Associated Press called me and I'm now quoted in an AP article.  AR is so cool!

Feb 05, 2009 10:19 AM #6
Rainmaker
894,912
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT

Bad news!  This was stripped from the compromise package that made its way through the House and Senate.  All that's left is a first-time homebuyers credit that does not have to be repaid.  I don't think that's enough to stimulate the housing market.  Don't these legislators understand that our economy stops and starts with the housing industry?

Feb 13, 2009 10:45 AM #7
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Rainmaker
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Gail Robinson

CRS, GRI, e-PRO Fairfield County, CT
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