Wilson Introduces Tax Credit for Homebuyers

Wilson Introduces Tax Credit for Homebuyers

WASHINGTON – Congressman Joe Wilson (SC-02), a former real estate attorney, issued the following statement after introducing H.R. 5565, a bill to provide a $15,000 tax credit to individuals purchasing a single-family home.

“The decline in the housing market has had a direct and powerful impact on the overall health of our economy,” said Rep. Wilson.  “The rise in foreclosures coupled with a shrinking demand for new homes, has done damage to American economic confidence.  This tax credit would give a much needed boost to the housing market while stimulating greater investment and put the overall economy back on sound footing.”

 Background on H.R. 5565:

• This is a one-time tax credit spread out over a three year period.
• The tax credit is for eligible homes purchased between February 29, 2008 and March 1, 2009
• The tax credit applies to:
  • New homes whose construction permit is issued and construction begins on or before September 1, 2007
  • A foreclosed home
  • A home facing foreclosure

 

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