Congress is nearing a final vote on an economic stimulus package that is expected to include changes to the existing first time home buyer tax credit that was enacted in July of 2008.
It is expected that this legislation will be sent to the White House for the President's signature by President's Day, February 16, 2009.
This web site will be updated when the economic stimulus bill is signed into law. Please check back periodically for more information.
Monday myself , my broker and another realtor called our Senators to ask them that they need to pass this bill. I feel that if Home buyers are able to get into a home and get a tax credit, they will be more willing to spend money on their home for the landscaper or electricity, this money will move from one hand to another which may stimulate the economy.This credit I beleive will be a substantial boost towards jump-starting home sales across the country. For now, they'll all have to settle for a much more scaled-back provision: a more modest $8,000 tax-credit for first-time home buyers, a $500 increase over a similar credit introduced last year
Also Existing homeowners do get a tax break out of the stimulus plan: those who install new doors, windows or furnaces to increase energy efficiency could get as much as $1,500 back.
The Congressional Budget office had priced the cost of the $15k tax credit at $35.5 billion. The estimate of the revised credit is closer to $3.7 billion, a substantial reduction.