{"id":731,"date":"2009-02-07T07:33:44","date_gmt":"2009-02-07T14:33:44","guid":{"rendered":"http:\/\/www.thehousedesigners.com\/blog\/?p=731"},"modified":"2012-02-15T19:57:08","modified_gmt":"2012-02-16T02:57:08","slug":"home-buyer-tax-credit","status":"publish","type":"post","link":"https:\/\/www.thehousedesigners.com\/blog\/home-buyer-tax-credit\/","title":{"rendered":"Home Buyer Tax Credit"},"content":{"rendered":"

<\/p>\n

The Senate recently voted this week to replace the $7,500 tax credit for first-time home buyers and builders who earned less than $150,000 with a $15,000 break for all income groups as part of the\u00c2\u00a0economic stimulus package<\/a>.\u00c2\u00a0It\u00e2\u20ac\u2122s an effort by senators to effectively encouraging purchases by higher-income households with a reduced risk of default.\u00c2\u00a0<\/span><\/p>\n

Unlike the current law<\/a>, the $35.5 billion provision wouldn\u00e2\u20ac\u2122t be restricted to first-time homebuyers or have to paid back over. \u00c2\u00a0<\/span>It also would end homebuyers\u00e2\u20ac\u2122 ability to claim the full credit if it exceeds the amount they owe in taxes.<\/span><\/p>\n

\u00c2\u00a0The effect would be to wipe out the $15,000 income tax a family of four earning about $122,000 would otherwise owe this year if they bought a house. A family earning half that amount would get about $2,300 less in tax benefits for buying a home than they would under current law.<\/span><\/p>\n

Lower-income people whose taxes over two years don\u00e2\u20ac\u2122t total $15,000 won\u00e2\u20ac\u2122t get the full benefit and in many cases would get a better deal under current law, which requires the government to send a check for the difference between taxes paid and the $7,500 credit.<\/span><\/p>\n

Under existing law, the $7,500 has to be repaid. The Senate bill wouldn\u00e2\u20ac\u2122t require the $15,000 credit to be repaid. In its version of the economic stimulus bill, the House agreed only to waive the repayment requirements, though it left the refundable credit at $7,500 and preserved income limits for eligible users.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The Senate recently voted this week to replace the $7,500 tax credit for first-time home buyers and builders who earned less than $150,000 with a $15,000 break for all income groups as part of the\u00c2\u00a0economic stimulus package.\u00c2\u00a0It\u00e2\u20ac\u2122s an effort by senators to effectively encouraging purchases by higher-income households with a reduced risk of default.\u00c2\u00a0 Unlike […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-731","post","type-post","status-publish","format-standard","hentry","category-houseplans"],"_links":{"self":[{"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/posts\/731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/comments?post=731"}],"version-history":[{"count":0,"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/posts\/731\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/media?parent=731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/categories?post=731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/tags?post=731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}