Fairfield County Homes for Sale: GOOD NEWS - Expansion of the Tax Credit

GOOD NEWS - Expansion of the Tax Credit

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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Comment balloon 7 commentsGail Robinson • February 05 2009 09:32AM

Comments

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

Posted by Brent Johnson (Chase International South Tahoe Realty) over 9 years ago

thanks Gail for the update!

Posted by Stephen D White, E-Pro, ABR Cape Cod Real Estate (SDW Realty of Cape Cod) over 9 years ago

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

Posted by Ann Hayden, SelectAnn.com (Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri) over 9 years ago

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

Posted by Amanda Christiansen, Christiansen Group Realty (Christiansen Group Realty (260)704-0843) over 9 years ago

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

Posted by Gail Robinson, CRS, GRI, e-PRO Fairfield County, CT (William Raveis Real Estate) over 9 years ago

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!

Posted by Gail Robinson, CRS, GRI, e-PRO Fairfield County, CT (William Raveis Real Estate) over 9 years ago

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?

Posted by Gail Robinson, CRS, GRI, e-PRO Fairfield County, CT (William Raveis Real Estate) over 9 years ago

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