ExpiredUpdated information regarding the FIRST-TIME HOMEBUYER TAX CREDIT portion of The American Recovery and Investment Act
- Maximum credit amount increased to $8000.
- All principal residences eligible.
- Purchasers will continue to receive refund for unused amount when tax return is filed.
- Same income limits continue to apply.
- Still available for first-time purchasers only.
- Three-year rule continues to apply.
- Purchasers who utilize revenue bond financing can use credit.
- No repayment for purchases on or after January 1, 2009 and before December 1, 2009.
- If home is sold within three years of purchase, entire amount of credit is recaptured on sale.
- Applies only to homes purchased in 2009.
- Termination December 1, 2009 .
- All revisions are effective as of January 1, 2009.
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