Housing bill creates credit for first-time buyers
Published August 6th, 2008 in Buyers, TaxesA $7,500 nudge for first-time homebuyers — chicagotribune.com
As part of the sweeping housing bill passed by Congress last week, first-time home buyers will get a tax credit of $7,500 if they make their purchase from April 9, 2008 through June 30, 2009. Only first-time buyers or those who have been renting for the past three years are eligible, and the home must be a primary residence. The credit is adjusted for those at higher income levels as well, but it provides a nice little incentive for those looking to test the waters on a new home within the next year.