15000 tax credit cut

According to the WashingtonIndependent, the $15000 tax credit did not make it to the final plan and it was cut out. You’ll not be able to claim this credit for being a first time homebuyers. It looks like they have reduced it down to $8000 tax rebate plan for first time home buyers but we’ll have to wait until Tuesday for final results. However, the $7500 plan is probably intact with the bill and you can still take advantage of that plan with being a first time home buyer in 2009.

The votes between the House and the Senate cancel out this tax credit. They didn’t agree on it. The $7500 tax rebate is for first time home buyers with an income below $150,000. This plan is in the final bill but we’ll have to wait to see the final deal on Tuesday when President Obama will be signing off the stimulus plan officially. Despite this cut in the $15000 tax credit, the stimulus bill would still provide us with plenty of credit to stimulate the areas of the economy that will most likely be effective with the rescue plan. Although the $15000 tax credit could help, this is also a time that many people are laid off and don’t have a job, making it tougher for many Americans to take advantage of this bill.

This plan isn’t going to help expensive states like California where people’s priority is to own a home. If it does help in less expensive areas, people might already own a home since its low price. Buying a home requires that you have a job and I think the tax credit will help when the economy is up and running and people have their jobs back then they can afford to buy and with help too. This cut will not help out the Housing Market and made many people angry because they got their hope up for it. However, the stimulus bill will give us many other tax breaks like $1500 for fixing our home to be more energy efficient.

Source: https://washingtonindependent.com/29937/15000-homebuyer-tax-credit-fails-the-cut