Tuesday, April 14, 2009
Two Ways Homeowners & Buyers Profit From New Stimulus Plan
MySecretAgent would like to point out a couple of benefits from the new Housing Stimulus Plan that homeowners and buyers can take advantage of.
Expansion of Home Improvement Tax Credit-
The tax credit is UP 20% for making energy efficient home improvements. Before, homeowners were allocated to get a tax credit of only 10% (capped up to $500). Now homeowners can receive 30% (capped up to $1500) of the cost of making energy efficient home improvements. All improvements must pass the International Energy Conservation Code or have an Energy Star Rating.
Expansion of First Time Home Buyer Tax Credit-
For homes purchased between January 1, 2009 and December 1, 2009 the tax credit was increased from $7,500 to $8000. If the homeowners live in the home and do not move within three years the credit does not have to be paid back.