The New 2009 Stimulus Bill?

I read last night that Senate passed part of the new stimulus bill...

My question is that they are raising the Tax Home Buyers Credit from $7,500 to $15,00 or %10 of the value of your home.

Originally it was the $7,500 that you had to pay back over 15 years interest free, then there was talk of not having to pay the $7,500 back.

Should I wait to file my taxes for 2008? I do qualify for the tax credit, but I do not want to miss out on the $15,000 if it passed Congress..

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  • 1 decade ago
    Favorite Answer

    The 2009 stimulus bill has not been nor is it anywhere near being finalized. At the rate the stimulus bill is proceeding, it will be sometime before the proposal becomes effective. Mr. Obama had hoped the program would be a done deal by mid February with an effective date around 01JUL09. The longer it takes for the stimulus bill to be finalized and placed into effect will delay the date that it can be applied by taxpayers. If you wait to file your taxes until the program becomes effective, then you could may face a penalty for late filing. Even though a Home Buyers Credit is being discussed, the question remains if it will still be a part of the stimulus bill and will it be retroactive to year 2008? If the credit becomes part of the bill and is approved, then you will be able to take the credit at a later date if it is retroactive.

  • 1 decade ago

    yes

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