$15,000 Home Buyer Tax Credit

UPDATE ON $15000 HOMEBUYER TAX CREDIT: Well no sooner do I post about this excellent incentive for homebuyers than I come to find out that the $15000 Home Buyer Tax Credit is not going to happen. What a shame. They are going to keep it at $8000 and make it for first time home buyers only. I’ll definitely be keeping an eye on this and posting updates here.

I have to say this though. This $15000 tax credit for home buyers would have been an actual stimulus. I’ve had several of my clients calling/emailing me inquiring about this. People want to do something but are sitting on the fence. This home buyer tax credit incentive had the potential to get folks to jump off the fence and start buying some Grand Rapids real estate! Shame on the government. The country is in need of actual stimulus programs, not special interest, pet projects aka: pork.

$15000 Home Buyer Tax Credit

The latest “Stimulus” bill now underway has a $15,000 tax credit for home buyers. ($15,000 or 10% of the sale price). This enhances the recent $7500 First Time Home Buyer Tax Credit in a few different ways and if passed, will make a big difference to homebuyers in Grand Rapids. Yesterday, Feb 10th, the Senate passed this bill however it hasn’t been finalized yet. The next step is for joint members of the Senate and the House to try to arrive at a compromise between their respective bills. Once that has been sorted out, they will vote on it and send it to the President for his signature. The general consensus is that some sort of tax credit will be incorporated into the bill but we will have to wait for the final version to be sure just what it is.

Major changes to the home buyer tax credit are as follows:

  • Maximum tax credit increased from $7500 to $15,000 or 10% of the sale price.
  • Everyone is now eligible for the tax credit where before, you had to have been a first time home buyer and that was defined as someone that had not purchased a home in the last three years.
  • You are no longer required to pay this back.

Keep in mind that it has not been approved yet and it is the government we are talking about here, so expect something to change. :). Here is the amendment  from Sen Jackson’s website.

If you have any questions about the Grand Rapids Real Estate market or would like to research your next move, visit my website to search for homes or contact me any time.

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