Doubling of the zero-interest loan for buying a new home in 2009
Article 30 of the amending finance act for 2008 raises to €65,100 the ceiling of the zero-interest loan (interest-free repayable advance under Article 244 quater J of the General Tax Code) for advances issued between 15 January and 31 December 2009 for building or buying new or off-plan homes. This amount can be increased under the ordinary conditions. The measure implements the announcement made by the President of the Republic on 4 December 2008 as part of the recovery plan.
Measure originators
A positive amount is revenue or savings for public finances; a negative amount is a cost or lost revenue.
Measure impact
First-time buyers purchasing or building a new home with an advance issued in 2009 can borrow up to €65,100 interest-free. According to the Senate finance committee report, the Government estimated the cost of the measure at €600 million in 2009.
Official references
Sources
Procedure timeline
Follow the progress of this fiscal measure through the different stages of the parliamentary procedure.
Administrative implementation
Entrée en vigueur de la mesure et mise en œuvre par l'administration
Administrative implementation
Entrée en vigueur de la mesure et mise en œuvre par l'administration
President of the Republic signature
Publication au Journal officiel
Possible referral to Constitutional Council
Décision de conformité / censure partielle
National Assembly has the final say
Si échec CMP
Joint committee
Désaccord éventuel
Debate and vote
Debate and vote
Débat et vote en séance publique à l'Assemblée nationale, ou engagement de la responsabilité du Gouvernement (article 49.3)