First-time home buyer tax credit - Builder offers advantages of housing stimulus legislation

MILFORD — What better time to buy a home than now, says builder Ed Nikles. Recently a housing bill was approved by Congress and signed into law by President Bush to boost our faulty housing market and push our economy into a positive direction. Ed Nikles Custom Builder has taken full advance of this offer and will begin offering the tax incentive to its new home buyers immediately. Housing Stimulus legislation was approved to help home buyers, stop the decrease in home prices, and to provide a lifeline to many borrowers facing foreclosure. Some of the major key elements to the new law are to temporarily offer first time home buyers a tax credit, have a mortgage revenue bond program, and also offer a low income housing tax credit. Most importantly who will be eligible to receive this benefit? - All United States citizens who file taxes are eligible to participate in the program. Next, the $7,500 tax credit is available for first time home buyers only (a first time home buyer is defined as a buyer who has not owned a home during the past three years). A single or head-of-household taxpaying home buyer who has an adjusted gross income of less than $75,000 can claim the full $7,500, and for married couples filing a joint tax return the gross income limit doubles to $150,000. If you are a single or head-of-household taxpayer who earns between the $75,000 to $95,000, or married who earn between $150,000 to $170,000, you will be eligible to receive a partial first-time home buyer tax credit. The tax credit is not available for single taxpayers whose adjusted gross income is greater than $95,000 or married taxpayers earning greater than $170,000. The tax credit will be available for first time home buyers who purchase a house, and close on the sale, on or after Apr. 9, and before July 1, 2009. The credit can be applied to all types of homes including single family, townhouses, condominium apartments, or newly constructed homes. The credit is being offered essentially to serve as an interest free loan to be repaid over 15 years, and you have the option to claim the credit on your or 2009 tax returns. This type of government program has been used before and was proven successful in 1975, a past economic recession. Congress temporarily gave $2,000 tax credits for people buying new homes and in the nine month period that this occurred people were flooding the marketplace buying new homes. This helped our economy pull out of a recession then and Congress once again hopes it will do the same now and in the future. While the incentive to buy is now there, building a new “Green” energy efficient home can add to the cost savings. Ed Nikles Custom Builder can help you navigate through the myriad of green and Energy Star options available, being a Certified Green Professional with 46 years of building experience. Nikles recently developed a line of custom built “Green” homes that are Energy Star and Green Certified. Nikles use’s all the latest green building products to create a healthy, energy efficient, and affordable eco-friendly home. Now with the tax credit available for new home buyers this is the perfect time to invest in these latest models of energy efficient homes. Not only do these green homes benefit the environment by being 50 percent or more energy efficient, they also directly benefit the homeowners in a variety of other ways. Due to greater efficiency in water and energy usage, homeowners can also enjoy lower utility bills. Temperatures in the home will be more even due to better environmental control and a tighter building wrap. A healthier indoor environment is another plus thanks to eco-friendly materials and better air filtration systems. Homeowners will also have to do less maintenance over time; Nikles green homes lead to increased durability of materials and less upkeep throughout the years. To find more information on Ed Nikles’ Custom “Green Country Homes” and for the opportunity to obtain a $7500 tax credit, visit www.greencountryhomes.com and see the four new country home, made especially with the homeowners’ interests in mind. Call 570-296-9200 with questions and inquiries.