39,311 Hoosiers have taken advantage of the homebuyer credit, according to the IRS.

What is the federal homebuyer tax credit program worth to Indiana?
Try $269 million to nearly 40,000 Indiana residents who bought a home since April 2008, when the program began.

Only 13 states have filed for more tax credits than Indiana.
A new state-by-state breakdown of the tax credits, released Monday by the Internal Revenue Service, shows a total $12.6 billion in credits granted in a congressional attempt to stimulate the housing market that was hit hard by the recession.

The 39,311 Hoosier homebuyers who’ve filed for a credit make up 32 percent of the 123,343 homes that were sold in Indiana since April 2008, according to the Indiana Association of Realtors (the number of homes sold does not include homes sold without using a Realtor).

The credit provides an income tax write-off of up to $8,000 for first-time homebuyers and up to $6,500 for existing homeowners buying another home. The credit, which Congress extended once, likely will expire for good at the end of this month.

But many of the people who took the credit were first-time buyers who would have bought a house anyway, so many estimate the credit bumped up sales by only about 10 percent, not more than 30 percent.

There isn’t expected to be a big drop-off in home sales when the credit expires. The economy is improving, interest rates remain historically low and consumer confidence is on the rebound.

Tax credit windfall
Indiana ranks 14th for tax credits earned by homebuyers under the federal government’s stimulus program for the housing industry. The top 10 states from April 2008 through February 2010:

Chart Source: Internal Revenue Service

Article Source: The Indianapolis Star