Homebuyer Tax Credits to Cost Federal Government $22B

Submitted by Mortgage News Desk on Sep 3 2010

The three versions of the homebuyer tax credit are expected to result in revenue losses to the federal government of about $22 billion, according to estimates from the Government Accountability Office (GAO).

According to Internal Revenue Service (IRS) filings through July 3, homebuyers so far have claimed $23.5 billion under the housing stimulus provisions. California ranks first among the states, with the most homebuyer tax credit dollars claimed.

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