Image via Wikipedia
According to a report released by the Government Accountability Office, the state of Florida accounted for 64,879 claims under the three federal first-time home buyer credits offered since 2008.
FLA residents claimed $455,565,365 through the credits offered under the Housing, Recovery and Assistance acts.
Only California, with 116,896 claims, and Texas, with 98,971 claims, had more.
Nationwide, first-time home buyers submitted 3.32 million claims totaling $23.5 billion over two years, about $1.5 billion more than original estimates from the congressional Joint Committee on Taxation.
The Housing Act provided taxpayers a refundable credit equal to 10 percent of the home’s purchase price, up to a maximum of $7,500. The Recovery Act provided a refundable 10 percent tax credit, but increased the maximum to $8,000. And, the Assistance Act extended the Recovery Act credit through April 30, and it allowed certain long-term homeowners in the market to claim a $6,500 tax credit.
The federal assistance is widely credited with fueling the national housing market in 2009 and the first half of this year, just as the new car tax credit may have staved off disaster for the auto industry.
The National Association of Realtors recently blamed the expiration of the tax credits for the huge decline in the sale of existing homes in July.
