Program will reduce federal tax burden
IOWA (AP) -- There is good news for some Iowa home buyers.
Governor Terry Branstad announced on Monday that the state is starting a program that will reduce their federal tax burden.
The state hopes to provide relief to about one thousand home buyers through the program that will be funded through federal bonds.
The program could reduce the tax burden on home buyers by as much as $2,000 a year during the lifetime of the mortgage.
The program is for first time home buyers, people who buy in certain areas and some veterans.
A program like this has not been available to Iowa home buyers since the mid 1990s.
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