BLOOMFIELD HILLS, Mich., July 30 /PRNewswire-FirstCall/ -- Pulte Homes applauds President Bush for signing into law today a comprehensive housing bill passed earlier by Congress. With record amounts of housing inventory and stagnant consumer demand continuing to drive down prices nationwide, Pulte Homes believes the $7,500 tax credit for first-time homebuyers included in the legislation can provide a much-needed shot in the arm to the housing industry.
"We expect the $7,500 tax credit to get more first-time homebuyers off the sidelines and into a home," said Richard J. Dugas, Jr., president and CEO of Pulte Homes. "That, in turn, will free up home sellers who can then transition into their next home. Reducing overall housing inventory, both new and resale, can help stabilize pricing and benefit homebuilders as well as homebuyers."
The tax credit is available for first-time homebuyers who close on a home purchase between April 9, 2008 and before July 1, 2009. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full $7,500 tax credit. As a credit, the federal government will refund an amount after the homebuyer has filed his or her federal income taxes. For example, if the first-time homebuyer qualifies for a full $7,500 credit and owes the federal government $1,000 in income taxes, that individual will receive a $6,500 check. If the federal government, instead, owes the same taxpayer a $1,000 refund, that amount will be added to the credit and that individual will receive a check for $8,500.
The tax credit is an interest-free loan that must be repaid to the federal government over 15 years, beginning two tax years after the credit is claimed. For example, if the credit is claimed on the individual's 2008 income tax return, repayment of $500 (or less if the credit amount totals less than $7,500) per year begins with the 2010 return.
Additional information may be found at www.federalhousingtaxcredit.com or www.irs.gov.
NOTE: This information is provided for general awareness only and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with your tax professional for complete details.
About Pulte Homes
Pulte Homes, Inc., (NYSE: PHM), based in Bloomfield Hills, Mich., is one of America's largest home building companies with operations in 50 markets and 26 states. During its 58-year history, the company has delivered more than 500,000 new homes. Since 2000, Pulte Homes operations have earned more top-three finishes than any other homebuilder in the annual J.D. Power and Associates(R) New Home-Builder Customer Satisfaction Study(SM). Under its Del Webb brand, Pulte is the nation's largest builder of active adult communities for people age 55 and older. Its DiVosta Homes brand is renowned in Florida for its Built Solid(TM) building system and distinctive master-planned communities. Pulte Mortgage LLC is a nationwide lender offering Pulte customers a wide variety of loan products and superior service.
SOURCE Pulte Homes, Inc. -0- 07/30/2008 /CONTACT: Mark Marymee, Director, Corporate Communications, Pulte Homes, Inc., +1-248-433-4648, Mark.firstname.lastname@example.org / /Web site: http://www.federalhousingtaxcredit.com http://www.pulte.com/ (PHM) CO: Pulte Homes, Inc. ST: Michigan IN: CST SU: LEG ECO TC-JK -- CLW122 -- 1926 07/30/2008 17:06 EDT http://www.prnewswire.com