The federal government extended the popular first time home buyer’s tax credit that allows for an up to $8,000 tax credit. To take advantage of this tax credit, a buyer must have a contract in place before May 1, 2010, and must close before July 1, 2010. In addition, a $6,500 tax credit was added for homeowner’s who have owned their residences for five years or more.
The tax credits are intended to spur on home sales as the housing industry continues to struggle. Joe Robson, chairman of the National Association of Home Builders (NAHB) and a home builder from Tulsa, Okla. says “Now that Congress has wisely moved to extend the tax credit into next year and expand its eligibility to more buyers, we hope and expect that this will have a substantial stimulative effect on home sales and help keep the housing market solidly on the road to recovery.”
To learn more about how these tax credits can help you get your coastal construction project started, click on the links below.
Video from National Association of Home Builders explain new tax credits:
New website provides detailed FAQs addressing new federal housing tax credits: