Extension

Taxpayers can’t afford runway extension project

Who is paying for extending the runway at Hilton Head Island Airport?

Island Packet: Letters to the Editor

Tags: afford, Can't, Extension, Project, runway, Taxpayers

Tuesday, June 21st, 2011 Government Grants For All No Comments

First-Time Home Buyer Tax Credit – Extension of the program in 2010

Democrat or Republican, if you’re a homebuyer or a Realtor, you will appreciate the fact that congress has extended the existing tax credit of up to $8,000 for qualified first time home buyers until April 30, 2010. The program has also been expanded by granting a tax credit of up to $6,500 credit for certain qualified home owners who are purchasing a new home between November 7, 2009, and April 30, 2010.

Here are some details of the extended/expanded program:

- The $8,000 tax credit is for first-time home buyers only. In order to be eligible for the tax credit a first-time home buyer is defined as someone who has not owned a primary residence for the three years prior to the purchase.
- The expanded program also provides a tax credit for current home owners who are buying a new home. Buyers may be eligible to receive up to a $6,500 when they buy their new home if they have lived in the same primary residence for 5 consecutive years during the 8-year period prior to the new home purchase.
- The tax credit is equal to 10 percent of the home’s purchase price not to exceed $8,000 for first time buyers.
- The credit extends the deadline to purchase a home to April 30, 2010. If the homebuyer enters into a contract to buy a new house before April 30, 2010, they will qualify if they close on the home before June 30, 2010.
- For buyers who enter into contract after November 6, 2009, eligible income limits for the full $8,000 credit are $125,000 for single taxpayers and $225,000 for married taxpayers filing joint returns.
- The tax credit is refundable, meaning the federal government will issue a refund check back to the purchaser even if there is little or no income tax paid.

This is an opportunity for home buyers that they may never see again in their lifetimes. Factor into the equation that home prices in many markets have dropped anywhere from 10% to 25% form 2007 and 2008 price levels, that these markets have very likely bottomed out, and that interest rates are at near historical lows, there can be very few strong arguments for not buying a house in the next few months.

Now is the time to make your move. Please feel free to visit our website at Colorado Home Finder for additional information. Remember, if you snooze you lose.

Tags: 2010, Buyer, Credit, Extension, FirstTime, Home, Program

Friday, September 10th, 2010 Government Grants No Comments