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Obama Signs Historic Stimulus Bill — $8,000 First-Time Buyer Tax Credit Is Now Official
February 17th, 2009 categories: Buying, The Economy
As expected, President Obama today signed the historic American Recovery and Reinvestment Act (ARRA) of 2009, commonly known as the Economic Stimulus Bill, a $787 Billion package that supporters hope will give our troubled economy a big shot in the arm.
Part of the package, as I’ve written about often during the past week, is a new First-Time Home Buyer Tax Credit, which will be available to qualified first-time buyers who purchase a home between Jan. 1-Nov. 30 of this year.
Unlike the previous tax credit, which was adopted last April, this one does not need to be repaid, as long as the homeowner doesn’t sell for at least three years.
In recent days, I’ve posted a number of different articles on the ARRA along with a chart detailing some of the features of the $8,000 tax credit. Click on the links below to access those articles.
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where is my credit for buying my home!!! I missed it and I do not think it is fair!!!!! I bought mine at the end of 07 and I am a single mom!!! Where is my credit!!!
That’s the sad part of our nation’s current state of affairs. Those who purchase this year (up until Nov. 30) get an $8,000 credit, those who bought last year get an interest-free loan disguised as a “credit.” And those who bought prior to ‘08 get nothing. You’re right it doesn’t seem fair…but then, sadly, up until now, the government has been more reactive than proactive.
Write your legislators…and ask them to carry your torch!