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April 3, 2008
Baucus & Grassley Propose Four Housing Stimulus Tax Breaks
Senate Finance Committee Chair Max Baucus and Ranking Member Chuck Grassley yesterday proposed four tax breaks for homeowners, homebuyers, and homebuilders totalling $11 billion over 10 years:
- Standard Property Tax Deduction: $500 for single filers and $1,000 for joint filers who do not itemize their deductions.
- Mortgage Revenue Bonds: $10 billion of Federal tax-exempt private activity bond authority, with the interest earned on the bonds exempt from the AMT.
- Extension of Net Operating Loss Carryback: For 2008 and 2009 losses, extend NOL carrybacks to four years (rather than two years under existing law).
- Tax Credit for Purchase of Homes in Foreclosure: $7,000 tax credit for buyers of homes in foreclosure.
April 3, 2008 in Congressional News | Permalink
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Comments
I'm a bit confused about the last one. Is an incentive to buy a foreclosed home really necessary? I don't have any experience in this area, but I'd assume you could already get a pretty sweet deal, as the bank would love to offload a non-earning asset.
Posted by: Chris | Apr 3, 2008 9:33:20 AM
Make the foreclosure credit refundable, I'll do it.
Posted by: Apep | Apr 3, 2008 11:47:27 AM
