Written by:David
7/29/2008 3:00 PM

On Wednesday, July 30, President Bush will sign the recently-passed housing legislation (H.R. 3221) into law.    The new first-time homebuyer tax credit will go into effect immediately upon the President's signature.  This credit is intended to convert  "Just looking, thanks" browsers into purchasers.  The provision should prove to be of great benefit to Realtors, their clients and to communities.  

The chart presented below by the National Association of REALTORS® outlines the basic features of the new credit.  

The tax provisions of this legislation focus on consumers.  We hope this chart and the additional materials that we'll post can help REALTORS® guide their clients through these new provisions.

Chart: First-time Homebuyer Tax Credit>

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