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Old 02-05-2009, 03:46 PM
 
433 posts, read 1,538,255 times
Reputation: 168

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Quote:
Originally Posted by rubber_factory View Post
my understanding was that the original $7,500 was not a tax credit. It was an interest-free loan, therefore you did not need a tax liability.

if that's correct, and if this is an extension of that program without a payback, then this may not actually be a "tax credit." I really don't know. Is this thing a done deal, does Obama need to sign it, does it need to sit in committees, etc.?

It has to go through congress and knowing how much they love to hear the sound of their own voices it could take a while. Some are saying Obama will sign on the 16th. Who knows. It could all get shot down.
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Old 02-05-2009, 03:53 PM
 
Location: mount airy nc
39 posts, read 96,194 times
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is this just for first-time buyers??? or all, who may have the luck to sell their house and move to another state and buy another??? freezing up here want to move to warmer climate LOL
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Old 02-05-2009, 03:54 PM
 
22,770 posts, read 25,182,020 times
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http://isakson.senate.gov/Amdt_106.pdf

Nevermind, he was right, the proposal looks to me like a normal tax credit, $7,500 the first year, and $7,500 the second year. All buyers, not just first-time.
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Old 02-05-2009, 03:54 PM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,449,407 times
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Quote:
Originally Posted by boilrmkr View Post
Why would they back date it? The purpose is to give an incentive to people who haven't bought a house yet to go out and buy.
I suspect they will make the tax credit applicable for home buyers beginning on the first day of 2009.
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Old 02-05-2009, 03:55 PM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,449,407 times
Reputation: 867
Quote:
Originally Posted by bertha07 View Post
is this just for first-time buyers??? or all, who may have the luck to sell their house and move to another state and buy another??? freezing up here want to move to warmer climate LOL
Yes, all buyers. You have two years to take advantage of the tax credit.
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Old 02-05-2009, 04:01 PM
 
433 posts, read 1,538,255 times
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Quote:
Originally Posted by Kootr View Post
I suspect they will make the tax credit applicable for home buyers beginning on the first day of 2009.

Why?
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Old 02-05-2009, 04:13 PM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,449,407 times
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Quote:
Originally Posted by boilrmkr View Post
Why?
Why not?

It's the beginning of the current tax year, and a date that is now only 36 days ago.
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Old 02-05-2009, 04:18 PM
 
Location: Casa Grande, AZ (May 08)
1,490 posts, read 3,339,995 times
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I agree with Kootr on the date thing - they did the same with last year which is only reason I got it! Bill passed in June 08, but they backdated to April 08!
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Old 02-05-2009, 04:26 PM
 
Location: Casa Grande, AZ (May 08)
1,490 posts, read 3,339,995 times
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Well, not too muddy the waters anymore etc - BUT, Neil Cavuto says he talked to Sen Jackson who is privately admitting that this may NOT get into the final bill since some democrats (who I woulda thought would LOVE this sort of thing) dont want it because it is not immediately stimulative.

So...who the heck knows!??
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Old 02-05-2009, 04:35 PM
 
Location: Castle Hills
1,129 posts, read 2,284,142 times
Reputation: 605
Quote:
Originally Posted by sh9730 View Post
Well, not too muddy the waters anymore etc - BUT, Neil Cavuto says he talked to Sen Jackson who is privately admitting that this may NOT get into the final bill since some democrats (who I woulda thought would LOVE this sort of thing) dont want it because it is not immediately stimulative.

So...who the heck knows!??
Neil Cavuto doesn't know squat. He needs to read up on treadmills so he can get himself in shape. Anyway, this bill will pass and will be retro active to Jan. 1st 09. If you don't believe me then watch when the bill passes.
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