The Federal Tax Credits Blog

Posts Tagged ‘housing tax credit stimulus bill’

Question: Stimulus eligibility for new home buyer?

I recently bought a house in July of 2008, and I understand that Bush passed a law that gave a $7500 tax credit/loan to new home buyers. The loan would be repaid over 15 years and it would come out of your taxes. With Obama’s new stimulus, I’m confused on if that affects me at all. I know that the new housing deal is if you buy a home between January 2009 – December 2009, but I’ve read that this stimulus may also affect the previous housing bill? Can anyone clear this up for me?

Thanks!

Answer: I do think this will be signed as is:

Temporary credit for home buyers: The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit’s expiration date to Dec. 1, 2009, from July 1. Those eligible for this credit must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009.

It will not affect anyone buying in 2008.

Economic collapse: Don’t blame the free market

A more realistic view is that a housing boom and bust happened to strike a fragile financial system whose fragility was worsened by ill-conceived government interventions.

Republican hypocrisy exposed: top GOP lawmakers take credit for stimulus bill passage

Question: Where do people get the idea that the Stimulus bill would benefit illegals?

We hear this claim over and over. Are people misinformed by the media? or is this fact?

http://mediamatters.org/items/200901300010

Summary: Lou Dobbs falsely claimed that the economic recovery bill, which the House recently passed, “would allow people who don’t have Social Security numbers to be eligible” for the bill’s Making Work Pay tax credits and would therefore make undocumented immigrants “eligible for checks.” In fact, illegal immigrants without Social Security numbers are not eligible for tax credits under the stimulus bill.

Answer: From Rush Limbaugh and his Band of Ignorant men.

Biden says average income tax refunds up nearly 10 percent, gives credit to stimulus plan

WASHINGTON – Vice President Joe Biden says average income tax refunds are up nearly 10 percent to just over $3,000, largely due to various tax benefits in last year’s economic stimulus bill.

Economic Stimulus Package