The US Congress adopted the Federal Stimulus package, and President Obama has now signed it. Within the stimulus package, an amendment authored by Senator Johnny Isakson addresses the housing industry. Senator Isakson introduced the amendment after previsouly introducing stand-alone legislation earlier in the year. The amendment, as passed by the Senate, would provide a direct income tax credit to any homebuyer who purchases any home. The amount of the tax credit would be $8,000 or 10% of the purchase price, whichever is less. Purchases must be made within one year of the legislation’s enactment. This legislation differs from similar legislation passed in 2008, in that the credit does not have to be repaid. The legislation allows the credit to be taken on 2008 tax returns and only applies to purchases of principal residences. The credit must be repaid if the home is sold within two years.
More from the Council for Quality Growth:
May 3, 2024
PRESS RELEASE DeKalb CEO Michael L. Thurmond Delivers Final State of the County Address
Media Contact: Alyssa Eubanks 770-813-3388 Click here to download a pdf of this press release. PRESS RELEASE For Immediate Release: Friday, May 3, 2024…
April 29, 2024
PRESS RELEASE DeKalb County CEO Michael L. Thurmond to Deliver His Final State of the County Address
Media Contact: Alyssa Eubanks 770-813-3388 Click here to download a pdf of this press release. PRESS RELEASE For Immediate Release: Monday, April 29, 2024…
April 29, 2024
Cherokee County Greenways & Trails Master Plan Public Input Meetings
Cherokee County residents will have the opportunity to be part…
April 29, 2024
Atlanta BeltLine Inc. Announces Earlier Construction & Completion for Southside Trail Segments
In an April 24th, 2024 press release, the Atlanta…
April 29, 2024
Gwinnett Roundtable Recap with Mayor Brandon Hembree, City of Sugar Hill
Gwinnett Roundtable Recap
April 23rd, 2024
Speaker: Mayor Brandon Hembree,…