Stimulus to Stimulate Homebuyers’ Bottom Lines

By CJP | February 5, 2009

Janes, if you were going to buy something big this year, what would it be?  If you said a house, you’re in luck, and we do mean luck.  The Senate has approved a measure to give you a $15,000 tax credit if you buy a home in 2009.

Here’s the fine print:

• The credit is $15,000 OR 10 percent of the price of the home, whichever is less, and is one-time only, so if you move twice in 2009, you’ll only get the credit once;
• The home must be a primary residence, and will be void if you sell within 2 years- flippers and speculators need not apply;
• It applies to the house, not the buyer, so two people buying a home will get $15,000 total- no double dipping;
• It’s effective for 2009 purchases only, including anyone who bought something since January;
• You’ll get your credit when you file 2009 taxes, so it’s not technically cash in your pocket until 2010;
• Whom should you thank for Uncle Sam’s largess?  How about Sen. Johnny Isakson, who wrote the bill, Sens. Chambliss, Corker and Lieberman, who co-sponsored it, and all of the senators who voted yea, which was all of them.

Topics: Economy

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