The recently passed bill will offer a $7500 tax credit to new home buyers. Here is some of what the site has to say.
At a Glance
- The tax credit is available for first-time home buyers only.
- The maximum credit amount is $7,500.
- The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
- The tax credit works like an interest-free loan and must be repaid over a 15-year period.
This bill provides for a loan rather than a credit and that its good for little more than a year and only targeting the middle income buyer. Its hardly a Roman candle and not likely to have more than a marginal impact on the housing markets.
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