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FEATURE |
CREDIT CREATED 4/08 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER 4/9/08 |
REVISED CREDIT - EFFECTIVE FOR PURCHASES ON OR AFTER 1/1/09 AND BEFORE 12/1/09 |
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Amount of
Credit |
Lesser of 10 percent of cost of home or $7,500 |
Maximum credit amount increased to $8000 |
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Eligible
Property |
Any single family residence (including condos, co-ops. townhouses) that will be used as a principal residence. |
No change All principal residences eligible. |
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Refundable |
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser. |
No change Purchasers will continue to receive refund for unused amount when tax return is flied. |
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Income Limit |
Yes. Full amount of credit 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). |
No change
Same Income limits continue to apply. |
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First-time
Homebuyer
Only |
Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous
to purchase. |
No change
Still available for flrst-time purchasers only. Three-year rule continues to apply. |
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Revenue Bond
Financing |
No credit allowed If home financed with state/local bond funding. |
Purchasers who utilize revenue bond financing can use credit. |
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Repayment |
Yes. Portion (6.67% of credit or $500) to be repaid each year for is years, starting with 2010 tax filing. |
No repayment for purchases on or after January 1, 2009 and before December 1, 2009 |
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Recapture |
If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale. |
If home is sold within three years of purchase. entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009. |
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Termination |
July 1, 2009
(But note program changes for 2009) |
Det:ember 1, 2009 |
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Effective Date |
Purchases on or after April 9, 2008 and before January 1. 2009. Repayment to begin for 2010 tax year. |
All revisions are effective as of January 1, 2009 |
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