Tax Credits for ALL home buyers

Congressman Burton is cosponsoring a bill to give all home buyers a $15,000 or 10% off list price tax credit.  The National Association of Home Builders is one organization in support of this legislation.  The NAHB feels that allowing home buyers a tax credit versus a tax credit for home builders will be more beneficial to both.  Tim Turner writes more about the housing industry in his Kokomo Perspective article.

Burton agrees with Van Natter and the NAHB, and he is cosponsoring legislation to give all homebuyers a $15,000 tax credit or 10 percent of the purchase price, whichever is less.

"The housing industry is in a depression right now, and we need more than just the $8,000 tax credit for first-time homebuyers,” Burton said.

The legislation would prevent misuse by forcing the person to repay the credit if the house is sold within two years of being purchased. The legislation would also sunset the original $8,000 credit to first-time homebuyers.

The $15,000 homebuyer tax credit will result in nearly 500,000 additional home sales and create 255,000 new jobs in the year ahead, according to research conducted by the NAHB.

Comments

[Robin Smith]

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http://betterblog.ning.com/profiles/blogs/helpful-points-for-first-time