Tax Administration: Usage and Selected Analyses of the First-Time Homebuyer Credit
DIANE Publishing, 2011 - 26 pages
This is a print on demand edition of a hard to find publication. Congress enacted the First-Time Homebuyer Credit (FTHBC) to assist the struggling real estate market and encourage taxpayers to purchase their first homes. Congress enacted different versions of the FTHBC -- as part of the Housing and Econ. Recovery Act of 2008; the Amer. Recovery and Reinvest. Act of 2009; and the Worker, Homeownership, and Bus. Assistance Act of 2009. The three FTHBC provisions combined may result in total revenue losses to the fed. gov┐t. of about $22 billion through 2019. This report identifies: (1) the number of FTHBC claims and dollar amounts claimed for each credit version by state; and (2) state rankings, using selected statistics, such as the total dollar amount of FTHBC claimed in each state. Charts and tables.
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2010 State Number a“Other Act version provided American Samoa amount claimed Alabama amount claimed Number amount of FTHBC analysis of IRS applicable dates April 30 Army Post Office Assistance Act version average dollar amount billion California claimed per claim claimed per resident claimed the FTHBC claiming the credit claims and dollar claims Dollar amount claims not associated combined provisions Connecticut 9,957 consists of claims credit version Dollar amount claimed Enclosure First-Time Homebuyer Credit First-time homebuyers Long-time FTHBC claimed FTHBC data FTHBC dollars claimed GAO analysis Guam homebuyers Long-time homeownersa homeownersa Total Number Housing Act provision Housing Act version Idaho Indiana interviewed IRS officials Iowa IRS data July Long-time homeownersa Total million claimants claimed Mississippi Nebraska Nevada North Dakota November 30 Number of claims number of FTHBC Ohio process FTHBC returns Puerto Rico ranked 1st Recovery Act version Recovery and Assistance South Carolina 16,724 unless resold Virgin Islands West Virginia 4,792