My Real Estate Blog

February 12th, 2009 2:05 PM
As you have probably heard, the Senate and House conferees have reached an agreement on the Stimulus bill totaling $789 billion.  Thank you for all of your efforts.  More than 75,000 Realtors sent over 225,000 letters over the past few days.  It was a dramatic turnout on short notice.  

While the details of the stimulus are still subject to minor changes, here is the latest:    

1.       Tax Credit

a.       The tax credit does not have to be repaid.  

b.      The size of the credit is $7,500.

c.       There will be income limits ($75,000 for an individual; $150,000
for a couple).

d.      First-time homebuyers only.

e.      Tax credit expires in September 2009 ( probably the 1st of September) and we are trying to confirm that it is retroactive to January 1 so people do not have to wait for the President to sign the bill to close.  

Basically the House bill prevailed as conferees tried to get the bill to "score" under $800 billion while increasing spending items reduced by the Senate.  
Posted by Jim McCowan on February 12th, 2009 2:05 PMPost a Comment (0)
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