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                    the Tax Credit!

 

Tax credit plan

The homebuyer tax credit expansion measure includes these provisions:

President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law today. The legislation greatly expands the First time Home Buyer Tax Credit by making more first time homebuyers eligible for the credit and now includes homebuyers that are not first time homebuyers.

  • Extends the $8,000 first time Homebuyers Tax Credit and creates a new $6,500 tax credit for homeowners buying a new home by July 1, 2010.
  • Homebuyers with contracts as of April 30 qualify for the credit so long as they close the transaction within 60 days.
  • The full credit is available to homebuyers with incomes of up to $125,000 for a single return or $225,000 for a joint return.
  • Not available for homes costing over $800,000.
  • Homebuyers who already own a home are only eligible if the home they are leaving has been used as a principal residence for five consecutive years in the last eight.
  • Provides authority to the IRS to provide greater oversight while processing the return and requires that the taxpayer claiming the credit be 18 or older.
  • Members of the military, military intelligence and foreign service who are on qualified extended official duty are not subject to the recapture fee and individuals who have been deployed overseas for 90 days or more in 2008 or 2009 can claim the credit through April 30, 2011.

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