Friday, February 13, 2009

Housing Tax Downsized from $15K to $8K

Friday, February 13, 2009

WASHINGTON – A new tax credit of up to $8,000 for first-time homebuyers that’s being included in the economic stimulus package was far less than the homebuilding industry wanted, and analysts expect it will provide only a modest boost to the battered U.S. housing market.The tax credit is part of the economic stimulus package expected to be signed by President Barack Obama on Monday. It was scaled back from a Senate proposal of $15,000 and limited to first-time buyers who act between the start of this year and the end of November.The credit for 10 percent of the value of a home, up to $8,000 was estimated to cost the government $6.6 billion. It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.

Source: The Associated Press
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