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Wilson Introduces Tax Credit for Homebuyers
Monday March 17, 2008FOR IMMEDIATE RELEASE
March 17, 2008
CONTACT: Ryan Murphy
(202) 225-2452 (Office)
(202) 689-4825 (Cell)
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 began on or before September 1, 2007
- A foreclosed home
- A home facing foreclosure
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