Real Estate News

02/04/09

The Senate has passed an expansion of the tax credit proposal. The proposal would be available to all purchasers (not just first-time home buyers). NAR (National Association Of Realtors) was instrumental in getting this provision passed by the Senate. The key elements are:

• A tax credit in the amount of $15,000 or 10 percent of the purchase price(whichever is less), with the option to utilize all in one year or spread out over two years

• The tax credit is available to all purchases of any home from date of enactment for one full year.

• Able to claim the credit against the 2008 tax return

• Buyers must occupy the homes for two years as their principal residences

• Purchases of homes by investors are ineligible

• Terminates the previous $7,500 Housing Tax credit on the date of enactment

We have been told the Senate is likely to pass its entire Stimulus Bill by this week-end.  The House and Senate will then have a conference next week to work out the differences.

Thank you for reading!

Sincerely,

CENTURY 21 Marrs & Associates

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