The official language of the final version of the Stimulus Conference Package.
Home Buyer Tax Credit: $8,000 Refundable tax credit (and no repayment provision) for first-time home buyers who purchase a principle residence between January 1 and December 1, 2009. Credit can be used in conjunction with mortgage revenue bond-financed mortgages issued by housing finance agencies.
– The credit begins to phase out for taxpayers with adjusted gross incomes in excess of $75,000 for individuals and $150,000 in case of a joint return.
-The credit is up to 10 percent of the purchase price, with a maximum of $8,000.
-The credit must be repaid if the house is sold within three years of purchase.
-Eligibility for the credit is for first-time home buyers who buy after December 31, 2008. If the home was purchased in 2008, you are not eligible
Final Note:
At the end of the day, all decisions of what to include and what to leave out of the final conference report came down to “cost.” The cost of the House version of the credit ($7,500; first time homebuyers; through June of this year) was estimated between $3-5 billion. The cost of the Senate provision ($15,000; all homebuyers; eligibility for one year after the date of enactment) was about $40 billion. The final version of the tax credit is estimated at $6.6 billion.
Information Courtesy Of:
Paul R Hauke, BA, MBA Realtor Associate
PRUDENTIAL ZACK SHORE PROPERTIES
401 Spier Ave
Allenhurst,NJ
Phone 732-988-4499 ext. 123
cell 732-899-8952
FREE MLS SEARCH FOR JERSEY SHORE REAL ESTATE: WWW.MLSPRH.COM