Builders Launch Tax Credit Website
Nationl Association of Home Builders website details first-time home purchase tax credit.
WASHINGTON – February 18, 2009 – The National Association of Home Builders (NAHB) has launched a newly-designed web site that provides detailed information about the $8,000 tax credit for first-time home buyers that is a key measure in the sweeping economic stimulus legislation signed into law today by President Barack Obama.
"The new tax credit provides a great opportunity for first-time home buyers," said Joe Robson, NAHB chairman and a home builder from Tulsa, Okla. "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 be the extra incentive needed to get prospective buyers who have been sitting on the fence into the market."
In addition to being limited to first-time home buyers, the tax credit:
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Is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
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Is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
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Does not have to be repaid.
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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.
Weak Legislation
Johnny Isakson presented an amendment to the stimulus plan that would have provided a $15K tax deduction for anyone who buys a home. This less limiting proposal would have sped up housing inventory depletion considerably as was the case in the early 70s. To bad it did not pass, however there is rumor that the bill will be resubmitted by, of course, a democrat. I hope that is the case and it passes this time. That would be a real shot in the arm for the housing industry. The $8K deduction with its extreme limitations to first timers and low income limits will dampen the intended impact significantly.
Weak legislation
credits, not deductions