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In the USA propose tax credit for housebuyers

Housing tax. USA

The main member of financial committee of The USA Rone Wyden introduced an act of returning tax credit which must help to people who buys a new house.

According to his propose the first buyer of living residential property will get returning tax credit around USD10,000 and it will be equal to 2.5 percent in the cost of the whole house.

This credit will also increasing step by step for private individual who has a year profit more than USD80,000 and for marriage couples with year profit more than USD160,000. But if buyer sold his house within 5 years he must paying a part of credit if has no some important reasons as work replacing or military mobilization.

“The housing policy in our country need a reconstruction, said Wyden. We have a lot of people who work hard to provide for a family and can’t permit themselves to rent all the more so buy some house. The federal government need to do more to repair housing crisis on all stages with close co-working of state and city governments.”

He said that this program created after existing Low-Income Housing Tax Credit because of low profit of people. Another words this program of federal government provide of development and repairing affordable rental housing for low-income families.

Wyden is also an original sponsor of the Affordable Housing Credit Improvement Act of 2016, the main aim of which is to give more tools for states for providing an affordable housing.

Author: Sergey Panov
managing partner Finance Business Service