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
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
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
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.
Websites: www.pulte.com; www.delwebb.com; www.divosta.com
SOURCE Pulte Homes, Inc.