District Homeowners Have Stake in Bailout Bill
The Post's Elizabeth Razzi reports that District home buyers have a particular stake in the economic stabilization bill scheduled for a vote in the House today. The $5,000 tax credit for first-time home purchases in the District, which expired Dec. 31, 2007, would be extended to cover purchases made during 2008 and 2009.
The tax credit is designed to entice people to move into the District, and so the definition of "first-time buyer" is unusually broad. People who have owned a home elsewhere may qualify if they buy and relocate--for the first time--in the District. The credit is available to buyers with modified adjusted gross incomes of up to $90,000, or $130,000 for couples filing jointly. The tax credit amount that a qualifying home buyer receives begins to be reduced once income hits $70,000 for singles or $110,000 for couples.
-- Michael S. Rosenwald
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