Today at approximately 1:30PM CST on Tuesday, the President signed the latest economic stimulus bill into law. Now, we can all argue into the wee hours about whether this latest attempt to kick-start the economy is a good idea, but, at the end of the day, it’s still the law.
In addition to being limited to first-time home buyers, the tax credit:
- Is equal to 10% of the home’s purchase price up to a maximum of $8,000.
- Is available for homes purchased on or after Jan. 1, 2009 and before December 1, 2009.
- Does not have to be repaid.
- Has income limits of $75,000 for single taxpayers and $150,000 for married couples.
I happen to be a member of the National Association of Home Builders (NAHB) and they have been doing a great job keeping the public updated as to the housing provisions in the stimulus bill. Click the image below to view NAHB Tax Credit website.
