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Feb 5, 2009 
A little over a week ago, I mentioned that Congress was hinting at sweetening the home buyer tax credit a bit, and it appears now that we’re a few steps closer to such a measure, as the Senate voted unanimously to add an improved Home Buyer Tax Credit to the proposed stimulus plan.
While this topic is one that stirs debate, and nobody seems to really have a grasp on what the best solution is, helping the housing industry is at the top of many lists, since the real estate industry clearly has a direct effect on the overall health of our economy.
Here’s an outline of some of the highlights of the proposal:
- Home buyer tax credit of $15,000 or up to 10 percent of the purchase price
- Available to all home buyers and would not have to be repaid as long as a buyer lives in the house for at least two years
- Offers the credit on purchases from one year of the date of enactment and could be applied to the home buyer’s 2008 taxes
So, the question now, is this a healthy approach to help an ailing housing industry? Will this motivate home buyers to take advantage, and ultimately, will it help us move toward a real recovery, rather than just acting as a band-aid and prolonging a bad situation?
What say you?
While you're here, don't miss these posts:
- Housing Tax Credit Analyzed As usual, Richard Mize hit a home run with his recent review of the Housing Tax Credit. Personally though, I don’t see a huge problem with...
- Home Buyer Tax Credit Re-Invented Well, it’s been brewing for a couple of weeks, and the final pieces are in place for the new Home Buyer Tax Credit. While it’s...
- Tax Credit Extension On It’s Way It’s a much-anticipated move that, for some reason, has taken a lot longer than most expected it would, but it’s being reported that the Senate...
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Housing Tax Credit
