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To: Jim Willie CB who wrote (4698)	6/5/2003 8:53:04 AM
From: pogbull	Read Replies (1) \| Respond to of 5423

Unusual (housing) Tax Credit Plan Proposed messages.yahoo.com by Lew Sichelman As many as 17 million people would be able to buy their first homes over the next seven years under novel tax credit legislation introduced this week in the Senate. Under the measure, married taxpayers who are rookie buyers would be eligible for a one- time $6,000 tax credit ($3,000 for individuals) if they were in the 27 percent tax bracket or less in the year before they purchase their first homes. Rookie buyers could claim the credit on their tax returns in the year after they make their purchase, or they could use the money immediately to cover some, if not all, of their up-front fees. "What is particularly innovative about our proposal is the fact that the home buyer can transfer a tax credit to a lender at closing, as part of their down payment or closing costs," said Sen. Debbie Stabenow, D-MI, who co-authored the bill with Sen. Gordon Smith, R-Ore. Stabenow, a member of the Senate Banking Committee, pointed out that one of the greatest barriers to home ownership for working families is the cost of a down payment and the charges associated with closing a mortgage. The Mortgage Bankers Association estimates that closing costs on an average sized loan of $175,000 can quickly approach approximately $4,000. And even with the latest loan products that allow for as little as a 3 percent downpayment, the total cash requirement at settlement can quickly approach $9,000. This is a difficult amount to save for many families who are trying to make ends meet, the Michigan Democrat said. The income eligibility cap translates into a $67,700 ceiling for single filers, $96,700 for heads of household and $112,850 for joint returns. But there is a dollar-for-dollar phase-out of the tax credit beyond the limit