| FEATURE |
CREDIT
AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER
APRIL 9, 2008 |
REVISED
CREDIT EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE
DECEMBER 1, 2009 |
REVISED
CREDIT EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE
APRIL 30, 2010 |
| Amount
of Credit |
Lesser
of 10 percent of cost of home or $7500 |
Maximum
credit amount increased to $8000 |
Maximum credit amount
for
first-time homebuyers remains at $8,000.
Maximum credit amount for "long-time resident" is $6,500 for homes
purchased after November 6, 2009 and before April 30, 2010 |
| 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.
|
No
change.
All principal residences eligible that are purchased after April 9,
2008 and before April 30, 2010 (with closing to take place before July
1) |
| 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 filed. |
No
change.
Purchasers will continue to receive refund for unused amount when tax
return is filed. |
| 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.
Some income limits continue to apply.
|
Yes.
For homes purchased after November 6, 2009,
Full Amount of credit available for individuals with adjusted gross
income of no more than $125,000 ($225,000 on a joint return). Phases
out
above those caps ($145,000 and $245,000)
For homes purchased on or before November 6, 2009, 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) |
| 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 first-time purchasers only. Three-year rule
continues to apply. |
A credit is available
to
buyers who have used the
same home as a principle residence for at least five consecutive years
within an eight year period prior to the purchase of a new home as a
primary residence. |
| Revenue
Bond Financing |
No
credit allowed if home financed with state/local bond funding. |
Purchasers
who utilize revenue bond financing can use credit. |
Purchasers
who utilize revenue bond financing can use credit. |
| Repayment |
Yes.
Portion (6.67% of credit or $500) to be repaid each year for 15 years,
starting with 2010 tax filing. |
No
repayment for purchases on or after January 1, 2009 and before December
1, 2009. |
No
repayment for purchases on or after January 1, 2009 and before April
30, 2010. |
| Recapture |
If
home sold before 15-year repayment feriod 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. |
If
home is sold within three years of purchase, entire amount of credit
must be repayed and is due at the time the income tax return for the
year the home ceased to be your principal residence is due. |
| Termination |
July
1, 2009 (But note program changes for 2009) |
December
1, 2009 |
April 30, 2010 |
| 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.
|
November 6, 2009 |
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