www.MITaxCredit.com - $10,000 Tax Credit

 


Michigan $10,000 Tax Credit:

The Michigan Senate just passed SB 346 on March 19, 2009 for people who buy a house in 2009 or 2010. The bill will give homebuyers a tax credit for 10 percent of the purchase price or $10,000, whichever is less. If the credit exceeds the liability, it is refundable. The legislation was approved by a vote of 36-0. It now moves to the State Representatives and then to the Governor. If approved, the state tax credit would apply to anybody who buys a home as their primary residences from the time it takes effect and the end of 2010.
It could take 2 weeks or 2 months, but one thing you could do is call or e-mail your State Representatives and let them know how this might help you sell your home and create jobs in Michigan. As we all know, it takes jobs to make the world go around and Michigan sure could use a few jobs.
We still have the federal stimulus package, which includes an $8,000 tax credit for first-time homebuyers. It might not be the tool we were looking for, but it sure would help if we could sell a few homes to first-time homebuyers. We all know, if you sell a home, you might buy a larger home for your family. You might even build a new home, which does create not only jobs today, but in the future as well.
When you consider buying a home you should consider all the tax credits you can receive. Property taxes are deductible from your income taxes and one of the primary reasons to buy verses renting a home. Like in most cases, you should consult with your tax professional before you buy or rent.
For more details on the Michigan $10,000 Tax Credit, please check back later for more information.


Federal $8,000 Tax Credit for 1st time homebuyers:

Time frame to buy? - By December 1, 2009

First-time home buyer? - A buyer who has not owned a home for three years.

Married first-time buyer? - Both buyers have not owned a home for three years.

Claim tax credit? - Claim the tax credit on your federal income tax return.

Other form or forms? - No other form except your federal income tax return.

Credit limits? - Single $75,000, Married $150,000.

Building a custom home? - You qualify, but you have to occupy the home by Dec. 1, 2009.

Buying a new home? - You qualify, but the settlement day has to be by Dec. 1, 2009.

Tax credit pay back? - You are not required to repay except for certain conditions.

Access the tax credit now? - Change your withholding numbers.

Mortgage Revenue Bonds? - Allow tax credit home buyers to participate.

Loan credit? - State housing finance agencies to help buyers at closing by  advancing the credit amount as a loan.

$8,000 Housing Tax Credit



California $10,000 Tax Credit:

First-time home buyers in California are allowed to take both the Federal $8,000 housing tax credit that was just signed by President Obama and the State of California $10,000 housing tax credit.

Main requirements:

1) Newly built, single famly home;

2) Principle Residence ;

3) Time frame to purchase March 1, 2009 - March 1, 2010;

4) $100,000,000 at $10,000 each equals 10,000 homes;

5) Claim tax credit over 3 years;

6) Starting in year 2009; Claim $3,333 tax credit per year.

$10,000 CA Tax Credit

 


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