Rate of Foreclosures in Indianapolis Resulted in High Tax Credit

by cassy82 | May 7, 2010 at 05:59 am

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Foreclosures in Indianapolis is believed to have contributed to the amount of tax credit provided to residents of the whole state. According to the latest numbers, almost $270 million worth of credit were given to homebuyers in the area.

Nationwide statistics showed that around 40,000 Indiana home buyers took advantage of the federal government’s tax credit program. The high number of foreclosures in Indianapolis and in other areas of the state resulted in more home buyers seeking help from the government.

A total amount of $269 million were provided to home buyers in Indiana. These include those who purchased a house since the credit program’s launch in April 2008. Data from the Internal Revenue Service showed Indiana ranks 14th in terms of total tax credits filed, giving a conservative estimate of where the state stands in terms of foreclosures by state statistics.

By Cassiano Travareli