Today the projected stimulus bill went through another round of deliberation and trimming to hit a goal of $800> Billion.It was met with the biggest cut coming from the Senate proposed $15,000 tax credit. tappers . However, it is not proposed that the $7,500 credit no longer has to be paid back.What are my thoughts? I think they did some things right, and something wrongs.I believe the people who have already received the $7,500 credit should not have to be repaid, but I think they should have kept the $15,000 credit in, with the stipulation that it was only for “first time home buyers”, just like the original $7,500. longboard skateboard . saturn dealer locations . Hot Shot Companies . tarrytown ny . ez storage . Why do I think this? The amount of internet traffic and blog hits from the original $7,500 credit announcement wasn’t ANYWHERE near the amount of hits and searches for the $15,000 tax credit. miami divorce lawyer . I think the $15,000 limit got peoples attention, and started to motivate some people to buy. I think by slapping on a first time home buyers restriction (and removing any income restrictions) would have re-vitalized the interest of first time home buyers. In my opinion, the first time home buyers are the SOLE pupils that can jump start the housing industry, and taking the excitement and the “buzz” out of the news may end up being quite detramental.No other news if income restrictions were dropped on the $7,500 was done, or if the income restriction is still in place. Rayne . limo companies . dallas car service . I’m guessing we’ll really start to hear some news in the next few days.Source: wsj.comEdit: I have updated the title, and you should know that the $15,000 housing credit has been dropped for $8,000 for first time home buyers that doesn’t have to be repaid.
$15,000 credit effective dropped switched to $8,000 no payback
11
Feb
While I would have received more under the crazy complicated $15,000 proposal, I am (selfishly) glad they went this route. Less complicated and I should be able to amend my 2008 return, after I close in June, and receive the lump sum right away. Well at least after the 3 months or so it takes to process the amended return.
@Phil
Would def. have liked to receive the 15k credit as I could have worked my finances to take full advantage of it, I do think keeping the credit for first time home buyers is really the main key. I do think a 15k credit would have been better (more buzz = more buyers) and keeping it locked to first time home buyers again, would have been the only way to try to lower the inventory on the market.
I’m hoping to close some time in Oct (when my rent lease is up).
Right there with ya..