First-time Home Buyer Tax Credit Provision
On Wednesday, July 30, President Bush will sign the recently-passed housing legislation (H.R. 3221) into law. The new first-time homebuyer tax credit will go into effect immediately upon the President’s signature. This credit is intended to convert ”Just looking, thanks” browsers into purchasers. The provision should prove to be of great benefit to Realtors, their clients and to communities.
The chart presented below outlines the basic features of the new credit. In the coming days we will provide you and post to the Website a Q&A document that will describe the operation of the credit more fully. We will also post summaries of all the tax provisions. The Research Department is also preparing a brochure that REALTORS® can provide their clients. You will be notified when it is ready.
The tax provisions of this legislation focus on consumers. We hope this chart and the additional materials that we’ll post can help Realtors guide their clients through these new provisions.
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