1st Time Homeowner Tax Credit
Effective on Purchases on or after January 1, 2009 and
Before December 1, 2009
Who qualifies?: Purchaser and purchaser’s spouse may not have owned a principal residence in 3 years previous to purchase. (This does NOT include mobile homes that are not permanently affixed.)
Amount of Credit: Lesser of 10% of cost of home with a maximum credit ount of $8,000.00
Refundable: The full amount of the tax credit is available for individuals with adjusted gross income of no more than $75,000. ($150,000 on a joint return). Phases out above those caps ($95.000 and $170,000)
Revenue Bond Financing: Purchasers who utilize revenue bond financing can still use this credit.
Repayment Unlike previous tax credits, there is NO repayment required for purchases made on or after January 1, 2009 and December 1, 2009.
Effective date This tax credit is effective as of January 1, 2009 and will terminate on December 1, 2009. (NOTE: This terminates one month before the end of the year)
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