$7500 tax credit for first time home buyers?

Has anyone heard anything new about a bill introduced to congress that involves a $7500 stimulus credit for first time home buyers in 2008? How can I follow the progress on this bill?

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  • 1 decade ago
    Favorite Answer

    I'm a real estate agent, and I've been following this as well. Here's an excerpt from an article I found online:

    "The first-time homebuyer tax credit would provide a credit of up to $7,500 to be taken over two years. The allowable credit would be phased out for incomes between $70,000 and $90,000 ($140,000 and $160,000 for those filing joint tax returns). The credit would be available for home purchases made between April 8, 2008, and April 1, 2009.

    The credit would have to be paid back without interest over 15 years. The recapture would be accelerated if the property is disposed of or ceases to be the purchaser’s principal residence before the end of the 15-year period."

  • 1 decade ago

    Only info I can find on this is that the president was considering this about a month ago. The government considers lots of stuff that never comes to be so don't get your hopes up. No easy way to follow this other than checking the news from time to time for updates and this can easily be killed but you never hear another word about it. So, I'd assume it won't happen - if it does great but you'd better plan as if it won't.

  • Anonymous
    1 decade ago

    It's only a proposal and like the housing bill probably won't get passed until we have a new president.

  • Anonymous
    1 decade ago

    never heard of it

    Terrible idea.

    Save your money

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