In November 2008, the Fix Housing First Coalition, a lobbying organization, proposed the government adopt a $15,000 home buyer tax credit. The credit intended to stimulate housing demand, reduce excess inventory, and ultimately put a floor under falling home prices.
The proposed plan earned a thumbs-up from the Senate, but the House more or less crushed the initiative, sending the coalition packing with an $8,000 tax credit plan tagged with a "for first-time home buyers only" caveat.
Now it's state legislators' turn at taking a whack at giving their constituents an early housewarming gift. Three states are following California's lead with its February adoption of a state home buyer tax credit of $10,000 for eligible buyers, albeit with lower price tags. Eight other states have formed programs that intend to monetize the federal tax credit for down payment purposes; five other states are in the process of doing the same.
So, to get a read on what state home buyer proposals are in the works, check out the map below. Please note the information was current as of press time but is subject to change. -Lynn Norusis
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