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| 2008-09-01: Housing Stimulus Bill Includes $7,500 Tax Credit |
| The Housing and Economic Recovery Act of 2008 promises to help both first-time homebuyers as well as families waiting to sell existing homes |
The recently passed Housing and Economic Recovery Act of 2008 will be a huge benefit both to first-time homebuyers and families waiting to sell their existing homes. For qualified families, the bill authorizes a one-time tax credit of $7,500 for new homes purchased or built between April 9, 2008, and July 1, 2009. In order to qualify, you must take possession of your new home prior to July 1, 2009.
Some other highlights of the plan:
- Both newly constructed homes and existing homes qualify for the credit.
- Married couples with a combined adjusted gross income of less than $150,000 qualify for the credit.
- The credit is refundable. This means you will receive the entire credit, even if you pay less than $7,500 in federal income tax.
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