The stimulus bill signed on Tuesday by President Obama includes a new tax credit to 1st time homebuyers. While it is not the more robust $15,000 credit proposal sponsored by GA Senator Johnny Isakson, at least it is SOMETHING, $8,000 of something.
To help guide buyers through the haze of information about the credit the National Association of Home Builders (NAHB) has launched a newly-designed Web site that provides detailed information on the $8,000 tax credit for first-time home buyers.
“The new tax credit provides a great opportunity for first-time home buyers,” said NAHB Chairman Joe Robson. “Combined with today’s near record low interest rates, the large selection of homes on the market and very competitive pricing, the tax credit should provide the extra incentive needed to get prospective buyers who have been sitting on the fence into the market.”
Here are a few quick details on some important criteria that must be met to qualify. The tax credit:
- Is equal to 10% of the home’s purchase price up to a maximum of $8,000.
- Is available for homes purchased on or after Jan. 1, 2009 and before December 1, 2009.
- Does not have to be repaid (the is different than the $7,500 credit previously in place).
- Has income limits of $75,000 for single taxpayers and $150,000 for married couples.
The Web site at www.federalhousingtaxcredit.com includes basic information about the tax credit and a detailed question and answer section. It also includes information about other housing-related and small business measures in the legislation and a number of home-buying resources for consumers.
For more information on how the Stimulus Bill affects the housing industry, read the full article on the NAHB’s website.