A bill just passed the senate that will be great for buyers! We will be waiting as this legislation is sent to Congress and finally the President’s desk for the final signature.
Here are some of the things that this bill would do:
- Provide a direct tax credit to any one who purchases any home!
- Amount of the tax credit would equal 10% of the purchase price or $15,000, whichever is less
- Purchases must be made within one year of this legislation being enacted
- This tax credit would not to be repaid
- Taxpayers would be able to claim the credit on their 2008 income tax return
- This will only apply to the purchase of a principal residence
- The Credit would be recaptured if the home sold within two years of purchase
- This would sunset the current $7,500 housing tax credit on the date of enactment
We will get your more information as we hear it.