Did You Know: GAO Initial Report on Home Buyer Tax Credit
By: Arun Barman, Research Economist
- According to the Government Accountability Office (GAO) report Tax Administration: Usage and Selected Analyses of the First-Time Homebuyer Credit, the home buyer tax credit will end up costing tax payers $22 billion.
- About a third of those claiming the credit were trade-up buyers from the most recent phase of the credit, which allowed repeat buyers in addition to the first time buyers.
- In terms of states’ participation in the credit, California had the most claims. However, a good way to adjust for population is to look at dollars claimed per resident. See claims chart by state > (PDF: 55KB)
- Nevada, Idaho, Wyoming, and Nebraska say the most dollars for the tax credit claimed per resident.
- New York, Hawaii, and West Virginia had the least dollars claimed per resident.
- Read the entire report: Tax Administration: Usage and Selected Analyses of the First-Time Homebuyer Credit (PDF).
This is one in a series of commentaries by the Research staff of the National Association of REALTORS®. Read more commentaries >
Copyright National Association of REALTORS®. Reprinted with permission.