UPDATE: The final approved bill is here. First-Time Homebuyers Tax Credit
CORRECTION: Apparently I was premature in writting about the tax credit. It is still being considering in the House, so stay tuned. We should end up with a tax credit of some kind, but the details are not known at this tiime.
Washington lawmakers are busy working to stimulate the economy. Currently they have unanimously passes a bipartisan amendment to the Economic Stimulus Bill creating a $15,000 tax credit to individuals who purchase a home in the next year.
The good news is this credit isn’t just for first time home buyers as originally intended. It is for every home buyer who purchases a home this year.
- The tax credit will be given for 10% of the home’s purchase price, up to $15,000.
- The tax credit will be issued in tow installments: $7,500 for each of two years.
Home purchasers who are activitly in the market right now will be happy to learn their timing is right! Interest rates are low, inventory is priced low and spring is coming. What more can you ask for?
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About the Author
Kristal Kraft
Kristal has been helping buyers and sellers in Colorado since 1984. She enjoys sharing her knowledge of the Metro Denver Real Estate market via blogging and in person while driving around the beautiful Rocky Mountain town of Denver! For fun, Kristal enjoys shooting things with a Canon. Visit Denver Photo Blog
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