Home Buying in Atlanta>Question Details

Bob, Home Buyer in Atlanta, GA

Whay does "sunset" an ammendment mean?

Asked by Bob, Atlanta, GA Thu Feb 5, 2009

If I bought a house on Dec 23, 2008, am I entitled to the new credit ($15K), the old credit, or NO credit at all. Thanks!

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Jen and Mark Bowman’s answer
A sunset provision or sunset clause is a provision in a statute or regulation that terminates all portions of the law after a specific date, unless further legislative action is taken to extend it.

So, yes you will be entitled to a credit whether it's the $15K or the $7500 credit I don't know. The new $15K credit will eliminate the $7500 credit.

Jen Bowman, Broker Associate
Success Realty
Web Reference: http://www.JenBowman.com
1 vote Thank Flag Link Thu Feb 5, 2009
Derek is correct with his answer; it depends (of course Lee has the definition dead on). I know there's certain to be a ton of grumbling for folks that qualified under the 7500 and now wonder about the 15000 version. The only answer is that I guess we'll all find out once formal requirements and parameters are announced.

0 votes Thank Flag Link Mon Feb 9, 2009
Great question Bob.

What was the value of the home? What kind of financing did you get. Is this the first home you or your spouse, if married, have owned in the last 3 years. There are certain criteria you must meet to qualify for either credit. I am sure we will all learn more in the days to come. You stand a good chance of qualifying for the old credit if this is the first home you owned in the last 3 years but I don't know if the new credit could be used if you already closed your sale in December 2008. I'll do some more research and come back to this question.
0 votes Thank Flag Link Thu Feb 5, 2009
Main Entry: sun·set
Function: adjective
: having or being a provision stipulating the termination or repeal of something (as a law, grant, or insurance coverage) on a specified date

Merriam-Webster's Dictionary of Law, © 1996 Merriam-Webster, Inc.
0 votes Thank Flag Link Thu Feb 5, 2009
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