NEW $15000 Tax Credit Included in STIMULUS PLAN | Before you get EXCITED – READ IT!

I have been doing a lot of reading on-line today about the housing credit that has been approved to be included in President Obama’s proposed stimulus package. Below are the articles that I gained the most information from.  If you are a 1st time home buyer you need to read this information.  You are the most affected by this legislation. Especially those of you that have made a purchase decision based on the current tax incentive plan.  I am not a CPA but I do understand the difference.  Here are some comments I have made on other blogs followed by the on-line articles I learned the most from-

http://isakson.senate.gov/Amdt_106.pdf

**New $15000 Tax Credit on Home Buyer Stimulus Package!!

Correct me if I am wrong but if I don’t owe $15,000 in tax I will not realize that credit.  If I owe $7,500 in tax in the two consecutive years I could in sense take $7,500 credit one year and then $7,500 the next to utilize the full $15,000.

If your tax liability is $5,000 in 2009 and $5,000 in 2010 you will have received $10,000 over a 2 year period. Now that isn’t bad but it isn’t what people are going to be thinking.

Am I totally off base on how I have interpreted the bill?

I agree with the “either/or” offer. This is a huge difference for many 1st time buyers. Some have made decisions based on the old bill – just does not seem right to change it in mid stream! I am off to draft a letter to send – I vote – either/or!

I have sent an email to my State Senator and my Congressman. I feel that this new bill should not “Sunrise” the first bill.  Please check the facts before you make a home buying decision based on this tax credit.

Senate’s Tax Credit Favors Higher-Income Homebuyers (Update1)

Obama Urges Action On Stimulus As Senate Vote Nears

More Details on $15,000 Tax Credit – It Does Not Have to be Repaid

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