Is DC’s $5,000 first-time homebuyer tax credit making a come back?
**This $5,000 credit no longer exists however you can find the LATEST information here on DC’s Newly Enacted First-Time Homebuyers Recordation Tax Reduction program.**
Congresswoman Eleanor Holmes Norton (D-DC) introduced the District of Columbia Incentives for Business and Individual Investment Act yesterday, which would reauthorize the $5,000 first-time homebuyer tax credit in DC
“The DC. tax incentives have been an essential ingredient in stabilizing and reinvigorating the District following the near collapse of its economy in the late 1990s,” according to a statement on Norton’s website. “Until the D.C. first-time homebuyer tax credit was enacted by Congress in 1997, the city’s tax base was rapidly dissipating.”
The tax credit that has made homebuying affordable for thousands of DC residents since it was first introduced nearly 15 years ago was axed from legislation during negotiations over the fiscal cliff and was not included in the American Taxpayer Relief Act signed by President Barack Obama last week, a Norton spokesman said earlier this year.
We’ll bring more details as we get them. In the meantime, you can view the congresswoman’s statement and more information on the proposed legislation on Norton’s website.