HOMEBUYERS MAY GET UP TO $15,000 TAX CREDIT 2/7/2009
A part of the stimulus package going through Congress includes up to a $15,000 tax credit to homeowners. Just how the final wording will be placed and the accompanying rules is not as yet known but, the intent, at this time, is to allow a tax credit of 10% of the value of a new or existing home up to $15,000. While not passed by both houses as yet, there seems to be bipartisan support for the amendment. In practice, this provision will put significant money into the hands of property owners which should in affect bring a significant amount of money into the economy during the first quarter of 2009 when it will be sorely needed by most citizens.
A cash input such as this is slated to materially boost the economy and maybe, most importantly, provide a psychological lift. This amendment is being supported by Sen. Johnny Isakson who places the cost to the Federal Government at $19 Billion. While $19 Billion used to be thought of as an unimaginable figure, now, with figures like $920 billion bail out and trillions of dollars as the total cost of the bail out being cast about, $19 Billion sounds like a paltry sum.
The Schaller Family Realtors
