Great News For Home Buyers | Senate OKs $15,000 Tax Break For Buyers
February 4th, 2009 categories: Real Estate News
In a unanimous vote this evening the Senate approved Georgia Senator Johnny Isakson’s proposed Homebuyer Tax Credit Bill. The key points of this bill are
- This credit is for any homebuyer that purchases any principal residence home - not just first time homebuyers.
- The amount of the tax credit will be $15,000.00 or 10% of the purchase price of the home, whichever is lower.
- Tax payers can claim the credit on their 2008 tax returns
- The credit must be paid back if buyer sells the home within the first two years of ownership. After 2 years the credit becomes permanent.
- This amendment takes the place of the current $7,500 tax credit on the date of enactment.
Thanks Senator Isakson for putting together a bill that can REALLY kick start the sluggish housing market. For the complete story click here
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If you don’t own the IRS the entire amount can the balance of the credit be carried over to the next year??
Hi Marian,
Thanks for your comment. I think I saw a provision in the amendment that says you can split the credit equally over 2 consecutive years. If you go to the press release on Senator Isakson’s site you can click on the word amendment and it will take you directly to the amendment itself. We have several unanswered questions so far and I will post them here soon to see if anyone might know the answers.
Deryk