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I believe that the repayment period is 15 years.
http://www.federalhousingtaxcredit.com/faq.php
The more likely scenario is that my tax dollars will be used to fund this credit for others.
If I had bought in 2008 and didn't "need" help, I'd be pretty PO'd though....
I bought a house in the qualify period at the end of 2008 and will claim the credit on my taxes for 2008. I will have to repay that money over a 15 year period. The current ammendment will retroactively allow all those who have bought a home in 2009 to receive the same amount of credit (or possibly more) and not have to pay that amount back at all.
Wouldn't it make sense to apply the changes retroactively to anyone using the credit? Why should there be different treatment for people utilizing the same credit but amended? While an argument could be made that those closing in 2008 did not need that added incentive, those who have already closed in early 2009 before the bill passage do not need the incentive either since they based there purchase on the original formulation of the credit. So why apply it retroactively at all? I realize that the bill has not been passed yet. But, no one has even filed there taxes yet for the 2008 tax year end.
Like a car lot, once the sale is over, 'GOOD-BYE'!
As for not getting the credit that is now being considered, well ... let's see
The day before I turned 18, the drinking age changed to 19 and the very next year it changed to 21!--couldn't change my age.
Two months or so after I bought my second car, the same car's price dropped 2,000 and the rate down a percent. I bought a chrysler last summer just before they had the "gas card program" so I lost out on that.
People who bought hybrid cars which became two years old before the tax credit was instituted did not get the first year's tax credit.
I'm young enough now that my full SSS benefits will not start until I'm 72! Sure I can retire early and take a lesse amount but in order to get it in full upon retirement, I can't retire until I'm 72.
Laws change all the time. Sometimes it may not seem fair If we miss the benefits, it sucks, but we can't retro-activate everthing. Just life.
My wife and I just bought our house in Aug of 2008 and we hope it will retroactive to some extent. We will see if she can sell it to me as the house was bought in her name.
15,000 is just to much to pass on.
H.R.1, amendment 98
This is the initial text and does not have any amendments added since it's initial introduction. The rest of the amendments made in the Senate are listed in blue links at the link stated above by Flexo.
Or copy and paste this in your browser.
http://thomas.loc.gov/cgi-bin/bdquery/z?d111:S....
http://www.huffingtonpost.com/2009/02/02/senate...
For instance the Frisbee Park, the Leashless Dog Park, the Coporate Hangers at the Fayettevill, AR, Airport--walmart and tyson can pay for their own.
It is those items, a bucket list, that has to be available and reviewed by the people.
We only have a tiny bit of time. Where is that information.
Get a grip with over 2 million homes in the USA that are Foreclosures, Tax Lein homes, Sheriff possession, or pre foreclosure I'm sure there has to be at least one home out there you could buy! Start looking at foreclosures!
At the top of this comment section, someone from the ATL area was complaining that the price of a $459K home was ONLY down $30 k since 2007.....guess what honey, you CAN'T AFFORD a $459K house, that's why you are not getting it. Do you have $90K to put down to qualify for a real mortgage, or are you just looking to live beyond your means like so many other people who have been foreclosed on?
Give me a break!!!
Suck it up people. Go get a second job. Give up Starbucks....or give up getting your nails done weekly....or give up you season tickets.....
It's time we quit running around with our hands out looking for a freebie and start doing what the people that built this great country did....SACRIFICE!
Economic slowdowns ARE GOOD for the economy. The weak and poorly run companies should be allowed to fail. Success is not guaranteed. Jobs are not guaranteed. If your company sucks (the result of management and workers sucking) then that company and it's workers should be out of work.
The strong, well run, well worked companies will always survive, and they will innovate, and work harder and produce more and better.
What the hell has happened to this country? When did we pack it in and become FRANCE?????!!!!!!!
This whole fiasco sickens me.
Community parks, extending/enlarging armers market, repair of a cracked ceiling in a public city building, even more than a $1/4m for A Traffice Signal! and on and on.
344 pages of stuff from ALL states.
http://www.usmayors.org/mainstreeteconomicrecov...
While there is "pork" in the bill, this list isn't it. Some of the true pork was trimmed last night when Democrats and Republicans worked together to reduce the size of the bill.
For those that think the stimulas idea is crap I would say it is all a matter of perspective. If you have a job you never expect to lose with a downpayment saved and/or a large bank account this may mean nothing to you. But an average working couple making 60,000 -100,000.00 who have managed to saved 20% for a downpayment (real money and NOT the "no money down" deals of the past) may be very hesitant to risk 30K due to the economy. This stimulas may encourage them to do so. My son and daughter-in-law are a case in point. We have encouaged them over and over again to stay in their nice apartment until things are a little better including their job security. Now with this stimulus we are all rethinking this.
It is not just a matter of do you have the downpayment and can you make the payments, it is do you have the confidence in continued employment to make the leap into home ownership and risk your hard earned savings. This stimulus I believe will make quite a few consider taking what amounts to a leap of faith. If it doesn't give people who truly want to be homeowners, but are hesitant due to the economy the needed insentive nothing much else will short of winning the lottery.
It's just amazing the Christmas tree list and that someone actually put some bizzare stuff in the bill.
So much of this stuff should be handled through donations, taxes and/or bond issues. It's just that we've become so dependent on the Fed. They take the tax money that should be left to us to invest in our local communities and states. If they just lay off, more money would stay local and that money would be availble for us to spend on our local projects.
One thing I notice is improvements for Interstates. The Fed should ask what sections need improvement or repair, ask the state for local bids from which the best bid should be submitted and the request for the funds then. Those items should not be part of wish list. the Fed made then.
Am I crazy? I'd sure like to see some progress and sure wish Mr. President would stop yelling at us. We are doing what we as Americans should be doing. I've written and talked to their offices. Those who wish to contact the legistors: www.senate.gov and www.house.gov.
The day before I turned 18, the drinking age changed to 19 and the very next year it changed to 21!—couldn’t change my age.
Two months or so after I bought my second car, the same car’s price dropped 2,000 and the rate down a percent. I bought a chrysler last summer just before they had the “gas card program” so I lost out on that.
People who bought hybrid cars which became two years old before the tax credit was instituted did not get the first year’s tax credit.
I’m young enough now that my full SSS benefits will not start until I’m 72! Sure I can retire early and take a lesse amount but in order to get it in full upon retirement, I can’t retire until I’m 72.
Laws change all the time. Sometimes it may not seem fair If we miss the benefits, it sucks, but we can’t retro-activate everything to everyone's benefit. In this case we'd have people trying to get this retro'ed to the 50's or more.
Sucks, sure. Just life.