Housing Tax Credits
Date:
July 1, 2008
Who:
IRS
Policy Area:
Sector Policy (Non-Financial)
Economic Target:
Housing
Action Type:
Tax Break
Maximum Amount:
$17.45 billion
Amount Spent:
$12.28 billion
Deficit Impact:
$12.28 billion The Housing and Economic Recovery Act of 2008 included several stimulative housing measures, including an increase in the low-income housing tax credit and created the first-time homebuyer tax credit.
Notes:
Maximum amount reflects the peak cumulative cost of the provision over the 2008-2018 period. Amount spent and deficit impact reflect CBO's estimated ten-year budget impact of the provision (http://www.cbo.gov/ftpdocs/95xx/doc9597/hr3221.pdf).